Insurtech, digitalization, innovation… These are frequently used buzzwords by carriers, vendors, and consultants over the past few years.
The industry is certainly trying to innovate. For instance, AM Best recently announced it will be attaching an “Innovation Score” to its coming ratings. In addition, Prudential’s acquisition of Assurance this week for $2.5bn shows that investments continue to be made.
Is the hype deserved? Will the new replace the old? Or, will the legacy structural issues of insurance prevent real change?
DataArt, an independent global technology consulting and services company, decided to take an in-depth look at this subject and will be sharing its findings in a series of short articles.
In undertaking the research, DataArt consulted a number of movers and shakers, including insurance industry leaders, cutting-edge technology vendors, and its own subject matter experts. The first article investigates Insurtech.