Titled “How Traditional Insurances Carriers Can Play Along with Insurtechs, While Staying True to Themselves,” the column focuses on how insurance carriers can embrace technological changes in their field.
Centric Consulting’s Sean Sweeney drafted a column for the May/June issue of ITA Pro, a magazine for members of the Insurance Technology Association.
In a Q&A format, Sean says, “Carriers are trying to keep up and stand out in a world that is becoming increasingly digital. Some are doing better than others. When it comes to incorporating Insurtech into your traditional business model, it may seem like you are reaching for the stars.”
Below is an excerpt from the column:
What Is the One Things Carriers Should Pay Attention to When It Comes to Insurtech?
Carriers need to keep current—not only on new technology but new business models as well. Technological changes, such as the Internet of Things (IoT), have proven to have game-changing impacts on carriers.
And, it was just a few years ago that we viewed drones as neat toys. Now they are becoming the norm for roof inspections.
Similarly, startups are introducing new and cheaper business models that can improve and optimize the older traditional insurance processes. The adage of “that’s how it’s been done, and there is not a lot of opportunities to improve in this area,” is going out the door.
Carriers need to pay attention to these Insurtech innovations and also challenge themselves to re-invent and re-examine at the more mundane processes for improvements and opportunities.
About the Author
Sean Sweeney is Centric Boston’s Insurance Practice Lead. He has more than 30 years of experience in the Property and Casualty (P&C) insurance industry with key technology roles at Travelers Insurance, The Hartford, and Hanover Insurance.
Prior to joining Centric, Sean was the CIO at MiddleOak, providing application development support and IT strategy to his business partners.