Changing company culture is one of the main challenges facing the implementation of insurtech, according to Liam Gray, head of research and partner management, Startupbootcamp InsurTech.
Speaking at the 2018 Bermuda Executive Forum, Gray warned the industry that “startups will really rock [their] boat” and they need to be accepting of that to bring actual innovation.
Gray explained: “What I have seen from my role trying to bring together startups and corporates is that sometimes there is a lot of resistance internally, especially when jobs are on the line.”
“We are used to doing insurance and reinsurance a certain way, and sometimes it is hard to change the way we do it.”
“But if you realise that this is something that can augment what you are doing rather than replace you and that you will be able to do more value-add activities, as an organisation and an individual you will realise that technology and insurtech is something that can benefit everyone.”
“Culture change is one of the main challenges facing insurtech.”
Gray, who brings together startups and corporates to produce insurtech solutions in his role at Startupbootcamp insurtech, reassured delegates that “technology is not here to replace people, it is here to augment what they’re already doing”.
He continued: “Expertise on the insurance side is definitely needed in order to have the perfect outcome.”
“We have seen startups try and come into the insurance industry thinking it will be easy and that they can just deploy their technology. That is just not the case.”
“What they have realised is that they really need to work with the experts in the industry in order to work with that perfect product.”
“What we are seeing now is very educated startup companies who need to work with insurance and reinsurance companies in the right way.”