Meeting insurer pain points with tech: Finding what’s right for your business

INNOVATE THIS 2024 Unwrapped – Interactive Fireside Chat – discussing how to help insurers to overcome pain points with tech.

Moderator: Carl Carter, CSC Global Partners. In conversation with: Quentin Colmant, QOVER; Matt Teumer, Flywire; Michael Lewis, Claim Technology; Angel Pavon, M47 Labs

With advancements in automated processes, real-time underwriting, and fraud detection, insurers are achieving greater efficiencies and faster time-to-market. But how can insurers decide where to start when choosing the right tech for their business?

In this engaging fireside chat, our expert panel offered an overview of the current innovation landscape, helping insurers to navigate the technologies that have staying power and assess which are the best fit for addressing their unique challenges.

The session highlighted the importance of aligning technological solutions with specific business needs, and not adopting technology for its own sake. Rather, a strategic approach to tech adoption is needed that prioritises customer experience and operational efficiency.

Key insurer pain points identified by the panel included working with legacy systems, data silos, and the increasing expectations of digitally savvy customers. Therefore, insurers need to adopt flexible, scalable technologies that can integrate seamlessly with existing infrastructures. Meanwhile, solutions based on AI and machine learning are changing the game for insurers when it comes to underwriting, fraud detection and customer service.

A recurring theme was the need for cultural change within insurance organisations. Embracing a digital mindset, fostering innovation, and encouraging cross-functional teams were cited as critical factors in successfully implementing technological solutions.