Is the insurance industry falling behind? I recently attended the Global Insurtech Summit 2020 in London. Firstly, thank you to all the panellists and attendees who I listened to and had great conversations with. This paper is based on those conversations and panels, as well as my experience in executing digital transformation and some lessons from our current project work at Waracle. In keeping with Chatham House rules, I will keep the names of people and companies anonymised.
So to start – it’s worth saying that on the face of it – the insurance industry doesn’t seem to have moved much recently in terms of digital transformation. One audience member at the conference even commented that a lot of what they were hearing seemed to be on repeat; that technologies in insurance like IoT, telematics, AI and the same use cases had been talked about for at least the last 2-3 years. “So what’s the difference now? What’s new?”