Dealing With Technology Disruption In The Insurance Industry. Part 2 - Lessons From Banking
Having ridden the “Fintech” (Financial Technology) wave for the past two years, disruptive technology is starting to encroach on the Insurance Industry. “InsurTech” (Insurance Technology) start-ups are beginning to impact the competitive landscape and will soon feature on the corporate agenda much like Cyber Security is now.
In this article, we consider the necessary constraints of regulation and how that levels the playing field between technology start-ups and existing banks. We also look at the decision facing legacy systems and what “Digital” means for Banks. Having “Digital” is not sufficient though; being “Agile” is required too, which means we look at the “Agile” way of working and the attendant cultural issues that will inevitably face a corporate organization.
This article is the second in a two part serial that discusses the future Technology implications for incumbent corporates in the Insurance industry. Part one considers the compelling need to deal with Technology disruption and what initial steps need to be taken. This serial is written by Jon Baxter, Managing Director of Baxter Thompson Associates and Pang Chiang, Director of Interskan.