The proliferation of data, analytics, and technology (DAT) driven capabilities in the form of InsurTech solutions has made employing these new innovations more compelling than ever before. Matching a business’s needs and objectives with the right capability accelerates strategic growth.
The process to identify strategic and suitable InsurTech solutions should start by identifying the areas of DAT that need to be improved to maximize growth opportunities. This must be complemented by a comprehensive understanding of customers’ evolving demands. The latter is particularly important because consumers’ demands for real time transactions and efficient service and delivery is growing.
Insurers should also recognize factors that would accelerate and de-risk their strategic plans.
Guy Carpenter in collaboration with leading technical expertise provided by Numerati® Partners launched the InsurTech Alliance with the aim of enabling each insurer to examine services and products for data, analytics and digital technology.