The future of insurance claims
sphere as the catalyst for progression and challenging conventional norms , its importance can often be overemphasised by incumbents which choose to prioritise it above all else : “ I ’ ve seen a lot of time , money and resources wasted when technology companies attempt to become insurance disruptors . Oftentimes , they move quickly but face penalties and have to rework due to regulatory hurdles ,” Rutman says . As an alternative , he emphasises the importance of multi-party collaboration in order to cohesively and successfully unite tech with experienced insurance acumen , solid regulatory knowledge and effective administration . This is an opinion which McKinsey broadly agrees with in its article : ‘ A new industry model for insurtech ’. Due to the complementary nature of incumbents , InsurTechs and traditional insurer business models , the biggest challenge is not finding common ground but rather locating the optimal way to engage with each other . “ It ’ s a shift in thinking , but there are ways to make collaboration easier . Traditional insurers working with open platforms , for example , are facilitating the integration of new digital solutions
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The future of insurance claims
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