INSURANCE drone insurance , climate change insurance and crypto protection , to name a few , but incumbents are far too slow to pounce .
Are there any quick wins for insurers ? Digital transformation can often seem like an insurmountable challenge . Insurers are competing against a wider fintech backdrop , where other players are not only moving more quickly but had a headstart in the first place . It ’ s natural that they would be looking for ‘ quick wins ’ that could push their digitisation efforts forward .
“ A quick win for an insurer is how quickly they can integrate with an insurtech that offers real value to their business and customers ,” says Guidewire ’ s René Schoenauer . “ But it ’ s key that the insurer has the right environment to make this a marriage that lasts and doesn ’ t end in early divorce .”
He points to the importance of common software platforms , saying that operating on the same platform irons out a significant barrier to new tech adoption . It can also speed up deployment and avoid the need to retrain staff on an unfamiliar dashboard .
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