According to Paul Carroll, CEO and Editor-in-Chief of Insurance Thought Leadership (ITL), this is a “hugely important time in the (insurance) industry.” He describes “five stages of disruption“, which he has seen in other industries for some time. Mr. Carroll says the industry is out of the “denial phase” and now in the “Cambrian stage”, with billions of dollars being spent on insurance innovation. In the next “vetting stage”, we will sort out the winners and losers.
Mr. Carroll describes industry leaders as engaged and “sensing”, trying to figure out what is happening. He recommends leaders focus on the first order of innovation to make distribution more efficient, handle claims better. Mr. Carroll says the “Leader’s Edge” is one solution to “sensing.” The site launched by ITL, tracks nearly a thousand insurtech companies and provides insights into the impact each may have on the insurance marketplace.
Mr. Carroll notes that it is difficult for established companies to bring innovation inside. After “sensing” and “vetting” ideas, company CEO need to be involved in select projects in order to test projects, kill bad ones quickly, and roll out those that have promise.

Load More Related Articles
Load More In Data/Tech/Modeling

Check Also

What is Microsoft doing in the insurance industry? Think data, analytics, security & the cloud.

In this edition of Tech Trends in Insurance, WRIN.tv speaks with Jonathan Silverman, Direc…