It's great to hear this more collaborative approach to InsurTech being put forward in London recently.
I often bristle at the tone of technology discussions in the insurance sector. Commentators are prone to use combative terminology: it's all "disruptors"; "displacement"; "disintermediation": in short, all very distopian!
I don't see it this way... change is a necessary and progressive dynamic to embrace. And the insurance industry is one that has long embraced change to adapt to a changing world. Insurance is built on partnerships with other stakeholders in order to improve their products and support the economy: look at emerging building regulations and fire-prevention technology just a short century ago...
The adoption of technology and new sources of data to continue to improve insurance solutions is a positive thing. I'd be happy to see the tone of the conversation change for good.
The insurance industry has moved past its fear of being “disrupted” by technology and new ways of doing business and instead sees the opportunity to collaborate rather than compete with tech firms entering the insurance space, according to panelists speaking at the InsurTech Insights conference in London.