6 Trends That Emerged At ACORD LOMA 2013 – Insurance & Technology has a few slides on trends, the first of which is quoted from the Chief Innovation Office at Chubb referring to social networks as the place “where we can start to reconcile the messy internal architectures we have around innovation.”
Hard to believe but this is one of only two quoting an insurance carrier professional and the only one mentioning innovation. The other quotes have a less positive tone:
“insurance carriers can be slower movers relative to…other industries”
“…customer…acquisition costs have gone up”
“everyone has the same problems: siloed systems and understanding…customer..”
“…end up with same spaghetti…in legacy systems–but in new systems”
“life insurers are still saddled with old technology and inflexible environments”
Reading through these raises thoughts:
where are all the insurance carrier innovation leaders? With cultures and technologies rapidly changing globally, aren’t these opportunities for the most agile to gain market share or even to launch new markets?
Years ago, I wrote about the opportunity for P&C insurers to underwrite smartphone loss or breakage. How large a market is that now? What other emerging products can be launched first?