Many think that InsurTech companies are already showing how and where operational excellence can be enhanced by putting even more focus on artificial intelligence, big data, the Internet of Things and augmented reality, just to name a few technologies. These kinds of technology will define the industry for years to come, just look at autonomous cars that employ a hybrid of these technologies.
For the big players, the insurance companies who realize this and adapt, there is huge opportunity, and also for the start-ups. Others not adapting to what the insurance industry has to offer we will see serious consequences that will take many out of business. These new technologies will not go away, so if you do not include them in your business plan, then probably you will stand to be the loser at the end.
In general, we can say the whole insurance industry is very focused on digitalizing processes which will lead to operational excellence. The good thing about the InsurTech companies is that they force companies to push forward innovation. Before the InsurTech companies it was harder to innovate because people were telling us we still make money, what do we have to innovate? But now you say, if we do not innovate our competitors will overtake us, so it helps even the people within big organizations to push innovations forward.
What do you hope to bring to the 4th Annual OPEX Insurance: Disruptive Transformation Summit in September?
I hope through my support of FinTech and InsurTech industries and Invesco, and as adviser and a thought leader, I can help bring an additional perspective to where the insurance is or might be heading. Providing and sharing ideas on how to better technically prepare for the oncoming challenges and disruptive transformation
How prepared are you and your organization for the changes on the horizon?
Find out more from Spiros and 60+ insurance industry speakers and conquer the chaos and technology of today to become the insurer of tomorrow.
Only at the 4th Annual OPEX Insurance: Disruptive Transformation Summit, taking place September 18-20, 2017, in Atlanta. For more information, go to: www.operationalexcellenceinsurance.com