ITC recently returned its full colours after a Covid19 enforced absence. Over 8,000 people attended the conference in Las Vegas where firms from around the world presented the latest developments in the ongoing digital revolution, amongst them GWTInsight, providing a glimpse to the future of insurance provision.
It’s clear that for insurers delivering to consumers, front end web-based engagement continues to advance with technology and data sources improving the quality of customer qualification, instantaneous risk assessment, pricing and document delivery.
And, whilst the more complex to serve commercial sector continues to see the adoption of digital solutions, Rosina Smith @mis suggests with some evidence, that the industry has reached a stage where point solutions need to be combined to create an end-to-end business that truly maximises the available technologies.
Chris Raimondo @EY agrees, suggesting the challenges for incumbents in the industry are to establish partnerships and an effective ecosystem, the development of new products for new segments and access to data to support real time solutions. The conference showcased the latter with GWTInsight, Plinck and ATTOM together with specialists like Provisio presenting a broad spectrum of data to support risk management and underwriting.
If Rosina is right about timing, then large scale incumbents coming out of M&A’s, pandemic recover and facing new legislation now need to set clear paths and commit resources over a longer term.
Successful agile players and new entrants to insurance provision are very focused, clear about the client need they are serving and are aligned in delivery. As Ido Segev @mckinseyconsulting made clear at the conference, to compete industry incumbents will need to adopt growth strategies that are sustainable. This requires the kind of commitment seen in start-ups. McKinsey’s research indicates that staged annual investment in growth materially underperforms when compared to commitment to singular investment and a clear objective over the long term.
Joining up technologies behind a clear market based objective and long-term commitment of resources may be the answer, but who in the industry will lead the way?