INSURANCE
Elsewhen ’ s Leon Gauhman continues : “ All the insurance processes should be run on APIs . Instead , a lot of it is being done by email and documents , so there is loads of unstructured data floating around . Using APIs would speed things up , make operations more efficient , and drive innovation . Unfortunately , the equivalent of open banking hasn ' t hit the incumbent insurance players yet .”
As a result , Gauhman claims , incumbents are prevented from innovating in lines of insurance that consumers want . Changes in the world around us have paved the way for
“ INCUMBENTS NEED TO REINVENT THEMSELVES AND DIGITISE THEIR PROCESSES TO INNOVATE , OFFER BETTER PRODUCTS , ENHANCE PRODUCTIVITY AND REDUCE OPERATIONAL COSTS ”
LEON GAUHMAN CHIEF PRODUCT AND STRATEGY OFFICER , ELSEWHEN
50 September 2022