STRATEGY
Digital journey Although the insurance industry appears to have made great technological strides over the past 18 months , it is still a space that lags far behind that of its contemporaries . The pandemic has been a giant driver in terms of development , but the journey to complete digitisation is still a long way off .
“ If you compare it to the banking industry , insurance is at least 20 years behind – so there is still a long way to go ,” says Fried . “ The pandemic did supercharge both interest and investment , however , many processes still remain firmly stuck in the past .”
But , all movement is in the right direction , he acknowledges . And the last two years have showcased to all the stakeholders in the insurtech industry that there is a clear demand for better options , services , and infrastructure within the insurance market . This will mean that digital transformation projects will gather pace .
“Although the innovation gap between insurance and other sectors may seem quite large , we ’ ve experienced how fintech , after a slow start , rapidly gained traction ”
HERMANN FRIED MANAGING DIRECTOR , BSURANCE insurtechdigital . com 89