This year, ACORD held its annual insurance innovation challenge competition in Boston. The competition highlights tech-driven solutions from some of the best and brightest in the business. Willis Re’s Dan Foster reports in this blog post on several key insights from the event.
- This year’s winners demonstrated their ability to compile data that’s widely available and generally sought-after and use it in new ways. Something the industry needs to get quicker at doing.
- The industry has been too focused on growth through product development or distribution innovation leaving a lot of room for improving underwriting and operational efficiencies.
- A greater balance of technology efforts across different business processes would serve the industry well. While individual InsurTech companies continue to become more specialized in the problems they address, the dispersion of the tech movement across all operations will foster greater cohesion in all segments of the industry.
Willis Re’s most recent InsurTech Briefing, for Q3 2017 is available here.