“Insurtech.” It’s a buzzword that’s ricocheting across the insurance industry. But what does it really mean, and how can regulators and carriers leverage insurtech to support their goals and objectives?
Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?
Insurance and technology have been linked together since the papyrus and quill. While the technology has changed, from paper to electronic, from documents to apps to web-enabled experiences, the functionality provided by technology has always supported the business – and not the other way around. While the latest technology is being marketed as “transformational” and “disruptive” to insurance, what is often lost is HOW that might take place. And without that, there’s little value in that transformational technology.