Innovation has been a priority for many Life, Accident and Health insurance carriers. The need for innovation is driven by consumers demanding a more customer-centric experience. According to a 2019 study by J.D. Power (1), the overall customer satisfaction for providers of annuity products and life insurance providers is lower compared to most other insurance and financial providers. Constraints in legacy systems, absence of new technology experience and a lack of skills have created a difficult environment to enable carrier’s digital transformation.
The initial wave of insurance technology (insurtech) companies sought to disrupt incumbents. Entrepreneurs, however, found the sector more challenging than expected. The insurtech companies migrated instead to a more collaborative business model. The challenge facing both insurtech companies and traditional insurers is finding the “right” partner.GC Genesis works with insurtech companies every day and can help insurers find the right partner.
GC Genesis can also help insurers understand their operations, underwriting goals, and distribution needs, and match these with the right insurtech company(ies).
Footnotes:
1. J.D. Power, U.S. Life Insurance Study, https://www.jdpower.com/business/pressreleases/2019-us-life-insurance-study, October 2019.