Not to big to Learn not to Fail – InsurTech

A reexamination of why InsurTech and its associated modern business practices are not being adopted as broadly or with the level of penetration they should.

Not to big to Learn not to Fail – InsurTech

A reexamination of why InsurTech and its associated modern business practices are not being adopted as broadly or with the level of penetration they should.
fintech course By FINTECH Books Contributor, Ruth Polyblank Follow: @RuthPolyblank  The traditional, large, incumbent insurers are often criticised for failing to innovate or disrupt the insurance market and perhaps not without reason. From the death grip of inadequate legacy platforms, to a ‘that’s how we’ve always done it’ mind-set and protocols designed by conservative and hierarchical internal departments, the incumbents have certainly maintained the status quo for how insurance is transacted. However more C-suite executives in these institutions speak of a desire to innovate, to be ‘digital’ or  disrupt it. This sets a stage for a reexamination of why InsurTech and its associated modern business practices are not being adopted as broadly or with the level of penetration they should. From the perspective of a non-underwriter who is attempting to use InsurTech to innovate and transact digitally, this chapter will examine the real issues that stand between large organisations that have a desire and awareness to change, but for whom such change is just not happening, as well as the industry specific challenges the monoliths present for InsurTech start-ups: The format will be a first hand, on-the-ground perspective directed at the C-suite of large insurance institutions based upon the premise that they already understand that innovation and change is required, but are not able to bring this to life. The C-suite are often acutely aware of the need to adopt new approaches like business-led IT, internal ideation and the need to embrace an acceptable level of failure to learn fast from new ventures, however knowing where you want to be doesn’t ensure you to get there. Using specific and real-life first hand examples of where innovation potential is often thwarted and where the bright spots exist, this chapter will talk to what is actually happening in the industry today, the challenges, and the potential solutions.