Xceedance Head of EMEA Justin Davies writes in Insurance Day that when it comes to seeking insurtech solutions, carriers and brokers need to have a clear understanding of the problem they face.
He said the jury is still out on whether insurtech will transform the re/insurance industry in the next few years, but what is not beyond dispute is that significant amounts of money are being invested to address the operation challenges of the industry.
“Is the insurtech phenomenon, as many suggest, over-hyped and undervalued? Not necessarily, but with some important caveats. Over-hyped implies insurtech solutions cannot deliver value. Empirical evidence from diverse sectors suggests they can produce return on investment (ROI) but, crucially, the fruits of those inititives and efforts are typically realised over a longer timeframe than many of the tech true believers suggest.”
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