While the new disruptive InsurTech companies were initially written off by carriers, citing woefully unprofitable combined ratios, they are trending positively and could soon see underwriting profits. Most recently, given the thousands of companies who have entered the market in the last five years, the focus is on partnerships in various forms. Incumbents are utilizing advanced data, analytics and technology capabilities in software and platform-as-a-service models to accelerate their own business and technology roadmaps.
Traditional businesses, especially those threatened by competition from technology companies, must adapt through digital transformation to stay in the game and be successful. This imperative has accelerated with the emergence of COVID-19. But as traditional firms aim to transform, they must overcome the challenges associated with decades-old approaches, legacy systems, deeply embedded processes and capabilities, and deliberate execution and decision-making cultures.
In this discussion, Leslie Chacko, Managing Director in the Digital Insights and Solutions group at Guy Carpenter-affiliate Marsh & McLennan and Paul Copti, Senior Vice-President at Marsh Montreal present:
- The emergence of COVID-19 and broad implications for businesses across industries
- The key trends in digital that are influencing transformation across industries
- Key lessons learned from technology companies
- Five practical steps that companies can take to successfully navigate their digital transformation journey.
With the goal of providing education, knowledge transfer and to encourage the creation of commercial relationships in the InsurTech space, Guy Carpenter has launched GC Genesis, which currently supports two client capabilities: Fitting and the InsurTech Alliance, both of which are dedicated to helping (re)insurers understand, evaluate, utilize, partner with and underwrite new technologies. Fitting supports insurers in their evaluation of the thousands of InsurTech companies and their potential operational applications to accelerate business and technology initiatives. The InsurTech Alliance sponsors in-depth research of these digital technologies and structured review of targeted InsurTech companies.