Just when it seemed like the insurance industry couldn’t possibly move any faster, insurtech is driving a sector-wide transformation equal to the deployment of the first mainframes or the launch of the first insurance website. Insurance companies are transitioning from a low-touch product that is sold through intermediaries to a multichannel experience that offers a wide range of value-added services.
It takes a unique set of skills to steer an organization through this level of change. Technology leaders need to understand the old world of insurance — specifically, how the risk-management model has worked traditionally. But they also need to understand the digital environment, especially the digitally fluent generations that require new kinds of coverages as they mature. Insurance was created in a world that predates today’s fuzzy personal and professional boundaries around auto use, for instance.
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