Broadening the Definition of Insurance Innovation

by Pamela Davis – Spring 2020 Demotech Difference Magazine

It is accepted wisdom: insurance companies are late to the game and must embrace innovation to become more customer-centric and stay relevant. A KPMG survey found that 73 percent of insurance CEOs are ready to push their organizations through radical transformation in order to remain competitive. For an industry inundated with data, InsurTech and artificial intelligence (AI) are considered the driving forces of innovation. Technology can help insurers improve the insurance value chain and the time it takes to evaluate, rate and quote a policy. AI can play a significant role in delivering much-needed insights on data. In the most hopeful scenarios, technology expands access and choice, helps companies cover more loss exposure and reduces the cost for policyholders.

As InsurTech and AI dominate insurance media headlines, is the industry relying too much on technology for innovation?

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