Disruptors in Insurance

The insurance industry has traditionally lagged behind banking when it comes to digital innovation, indeed, the banks often view insurance as digital laggards. The impact of Covid-19 has been somewhat of an eye opener for the insurance world with the realisation that transformation is needed for future growth.

 

Just as FinTech has rattled the banking world InsurTech looks set to do the same in insurance. Coupled with the the need for digital transformation, AI & machine learning change is coming, like it or not, to the traditionally conservative world of insurance.

 

As with banking the up and coming young generations demand more, want is faster and want it now. Forget Millennials, Generation Z are here and Generation Alpha are on their way none of which know anything other than iPads and apps and many of which are already coding if not starting their own YouTube or Instagram channels.

 

The enabling element for insurance companies to stay relevant and prosper is not technology but changing the way they operate. Business agility is key, they can’t rest on their laurels, we all remember Nokia right? Well, apart from Generation Alpha but will Generation Alpha remember any of the current big insurers?

 

Call us today to see where we can help.