Similar to Fintech revolutionizing the financial services industry, Insurtech is taking the insurance sector by storm with its innovative and possibly disruptive technology solutions. The benefits to incumbent insurers include better engagement with and reestablishing trust with customers, the ability to innovate quicker with improved products, services and distribution, increased operational efficiency and profits, the ability to generate meaningful risk insight, and the opening of new market opportunities for millennials seeking easier means of purchasing insurance.
However, the transition to an Insurtech business model comes with its challenges as many insurance companies are mired in old legacy systems with high cultural barriers that could serve as roadblocks to adoption. As well, Insurtech startups are replete with their own challenges as they try and break into a highly regulated, long established market with an entrenched customer base.
An upcoming issue of Cutter Business Technology Journal with Guest Editor Steve Andriole invites papers that address how Insurtech is bringing both innovation and disruption to the insurance industry.
Discussion points may include the following:
1. How can traditional insurance companies benefit from integrating Insurtech technologies into current business models?
2. What are the challenges of integrating Insurtech innovations?
3. What are some of the emerging Insurtech business models and technologies?
4. What new vendors are entering the Insurtech market?
5. What mutual benefits can be achieved by the collaboration between startups and incumbents?
6. What threats do startups pose to traditional insurance carriers?
7. How can Insurtech improve the customer experience?
8. What is the impact of Insurtech on governance, compliance and risk?
9. How can Insurtech technologies be integrated into an incumbent’s ecosystem?
10. What impact will Insurtech startup companies have in the insurance industry?
11. What advantages do incumbent insurers have over startups and vice versa?
12. What are some of the main challenges faced today by Insurtech startups?
13. How are AI, machine learning and robotics being used to improve decision making and processes?
To submit an article idea, please email Christine Generali at cgenerali[at]cutter[dot]com and Steve Andriole at steve[dot]andriole[at]gmail[dot]com.
ARTICLE DEADLINE: AUGUST 18, 2017