Top 4 InsurTech trends 2016
Authored by: Naman Verma, Synechron Technology
Synechron set up a mini Digital Lab at IASA Conference 2016 to showcase some of the applications we are developing for insurance clients as part of our digital, data & innovation practice and our innovation exhibits piqued interest. In general, we saw a trend of carriers focusing on increased customer-centric approach and the ubiquitous adoption of digital transformation particularly among tier-1 and tier-2 insurance carriers. As a result of these drivers, below are some trends that created waves at the conference this year.
Innovation in Insurance
Insurers have started to recognize this trend and take necessary actions. While a whole lot of tier-1 carriers like USAA and American Family have set up their own innovation teams, tier-2 and tier-3 carriers are still inquisitive to understand what innovation means for them. Synechron’s in-house expert of innovation, David Horton demonstrated some of the next generation technological offerings from our state-of-the-art digital innovation lab.
Digital Transformation of Insurance carriers
Digital technology is disrupting the traditional business models and creating new avenues to acquire, engage and retain customers. Trends like big data, mobility, cloud computing, social media, internet of things and wearables are making insurance business highly personalized and omni-channel.
Build vs. Buy Policy System
The decision of make vs. buy is faced by every insurer as legacy systems are unable to keep up with the digital strategies. Speciality insurers are investing more to streamline internal operations and re-engineer Policy admin systems for usability and collaboration.
Merger & Acquisitions
In an economy driven by digital technology, the native insurance technology vendors are constantly looking for ways to add new offerings. While the insurance industry continues to go through a phase of consolidation, it remains to be seen the impact Brexit will have in the months to come!