According to Chris Haines, Executive Vice President and Chief Operating Officer at Marias Technology, some insurance companies remain slow to adopt new technologies, while others may be too aggressive. He also wonders how recruiting new talent in technology will affect insurance.
Mr. Haines points to an influx of new talent into insurance technology. This new talent is more familiar with accelerated integration and implementations, but many are unfamiliar with the confines of a regulated industry. Mr. Haines believes third-party integrations are having the biggest impact on insurance technology. The industry has moved well beyond simple policy downloads and credit scores to more granular, personal information used in underwriting.
New technologies may not be the biggest challenge in insurance. Looking ahead, cyber security and the internet of things affect all industries. Mr. Haines suggests people, and talent that architect and implement technology may be the biggest issue. With “old guard” talent retiring and taking knowledge with them. There is a lot of young talent that believe new technology and apps can be easily adapted to insurance, without recognizing regulatory requirements and rate limitations. Mr. Haines wonders where the new technology talent will come from in the insurance industry.
With the new Alliance Partnership with AAIS, Marias fills a void, taking AAIS products and translating it to software vendors in way programmers understand. Mr. Haines says Marias is “bilingual”, speaking the language of insurance and technology. Marias will also assess new tech solutions to make sure they are developed correctly.
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