Insurers are doing a balancing act between operational excellence and the changing insurtech landscape. Karen Furtado, a partner at Strategy Meets Action sees insurers struggling with how to adapt, how to adopt, and how to change their culture to deal with the ‘new reality’ while maintaining a high degree of service.

Ms. Furtado sees endless opportunity in today’s economy. Insurers can take advantage of their ability to reach out through their agent networks and connect with consumers, while incorporating the capabilities provided by new insurtech companies to be responsive. Insurers can become digital organizations, improving their ability to service their customers.

“The day has come for change”, according to Ms. Furtado. Changing technologies need be part of a strategic planning process. The insurtech movement is changing the pace of change in the insurance industry. Boards must be knowledgeable. Innovation is a critical mandate and needs to start at the top and be systemic.

 

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