Last month, The Actuary posted an article in their Predictions section discussing a survey of senior insurance industry executives compiled by software provider, AdvantageGo. The Actuary, the magazine of the Institute & Faculty of Actuaries, is a U.K. publication providing commercial, financial, and technical advice that is at the heart of the operations of insurance companies, pension funds, and other organizations.
The survey from AdvantageGo cited executives from across the globe, including North America, the United Kingdom, Europe, and Bermuda, who overwhelmingly (81.5% of respondents) reported that the need to upgrade technology was their top concern. Underwriting discipline, regulation, and cyber security followed technology upgrades as priorities for the industry.
“Whether companies want to be ahead of the game or are simply anxious about being left behind, all sectors of the market are taking InsureTech seriously,” said AdvantageGo executive vice-president, Adrian Morgan.
The executives described InsurTech as “a broad landscape, with some firms dealing with big data and artificial intelligence for faster and better informed decision-making.”
A Swiss-based reinsurance executive discussed InsureTech with AdvantageGo, with the caveat: “Companies that are not at the forefront of this will not survive. You can feel we are the cusp of change—our industry must evolve or become extinct.”
This is a statement heard more frequently in the insurance industry, especially after carriers as large as Allstate and Nationwide are engaging InsureTech companies, including our company, Carpe Data.
The report ends with the note: “This underscores our core belief that the market is looking for InsureTech partners who can combine deep industry knowledge and experience, with a proven track record of delivering complex IT solutions.”