After years of disruption in the banking and payments industry, tech rebels are setting their sites on an adjacent financial target – insurance. According to SVIA, this is a $5T prize, where several new technology trends are converging to change the face of insurance. Like a swarm of locusts, new business models, shared economy, Internet of Things and core technology advances have all made leaps in the last few years, promising great change on the face of the established insurance institutions.
Applications of Digital Technologies in Insurance, source: Deloitte
In a recent LinkedIn blog post (https://www.linkedin.com/pulse/insurance-disruption-storms-trucks-analytics-davorin-kuchan?trk=prof-post), I wrote about recent developments in the Silicon Valley, where numerous startups work daily to challenge status quo, long overdue for an overhaul. To compete in the new insurance economy, insurance IT, business analysts and data scientists will ALL need to rethink core tools they use to discover, test AND rapidly deploy their business models. It will be increasingly important not only WHAT decisions are made, but also how QUICKLY. Fast discovery, testing and nimble deployment are essential to compete in the battle that is about to engulf the insurance industry.
Modern SaaS, analytics and decision rules engines like Sparkling Logic allow insurance players to quickly discovery and modify business and risk logic. 20-year-old tools simply will not do. Without latest tools platforms, insurance carriers will find it difficult to defend themselves against modern fraud, advanced risk and emerging insurance business models.
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