The synopsis of Insurtech 2016 Reflections created and hosted by Oliver Wyman does an excellent job of outlining the macro trends of the industry. We look forward to attending Insurtech 2017, where we will review the great work we are doing in the industry with other industry professionals – and emerge as a leader in the life insurance insurtech.
I found following diagram in the Insurtech 2016 Reflections discussing the new paradigms that will emerge from insurtech to be on point:
By becoming more accurate in longevity predictive capabilities, a life insurance insurtech can:
- go from the opaque risk transfer products to more holistic consumer valued products;
- go from laggard systems and thinking to front running technology pacing with radical social economic change;
- go from owning a heavy infrastructure ladened business to orchestrating and implementing value chain participants; and
- go from hard numbers management to recognizing consumer empathy that insurance products are designed to address.
This is our mission!