The insurance industry faces myriad challenges, ranging from a rapidly evolving technology landscape, to minimizing ongoing product maintenance costs, to adapting to changing consumer behaviors and preferences shaped by today’s digital-first world.
Executive Summary
As the insurance landscape is continuously evolving, Dan Woods, founder and CEO of Socotra, writes that it's more important than ever for insurers to remain competitive by embracing modern technology. In this article, he shares what he sees as five important lessons for insurers to continue innovating in a time of rapid change and uncertainty.Against these growing headwinds, it’s more important than ever that insurers remain competitive and innovate at speed.
The most successful InsurTechs are gaining significant traction by quickly developing convenient and customer-centric products. Carriers are following suit and starting to embrace modern technology as an opportunity to diversify and rapidly bring new products to market.
The insurance market may be ripe for disruption, but actually capitalizing on the opportunity can be difficult. The industry maintains high barriers to entry, heavy regulatory obligations, and is populated with well-established competitors. Survival for carriers depends on their ability to launch new products and services fast, and on budget, while tailoring them to evolving customer demands.
