Over the past six months, insurers have gotten a crash course in the art of the possible. It is possible to operate with nearly entirely virtual organizations. It is possible to conduct transactions and service 100% digitally. It is even possible to grow in a reconfigured market—if your insights and operational agility allow you to react quickly.
InsureTech startups are in the business of demonstrating the possible. Our fourth annual report on this sector, profiling 250 startups, was published this fall. While Wall Street and private equity firms assign ever higher valuations to some of these companies, we continue to believe that the most important impact that InsureTechs will have on the industry is as suppliers, partners, and exemplars. Whether it’s an Analytics Arms Dealer, Beneficial Bot, Creative Carrier, or Digital Distributor, each InsureTech can help insurers advance their thinking about how to sell more, manage risk better, or cost less to operate.
Disruption is great for innovation, but it can be tough for teams—especially in industries that prize steadiness and reliability above all. The disruption to normal rhythms of work and life require a new emphasis on empathetic leadership—both within IT and across the enterprise—centered on trust and confidence.
Unfortunately, the uncertainty of the pandemic environment isn’t going anywhere in the short term. But rather than struggle to return to the past, insurers have the opportunity to embrace the learnings of the present and prepare for the market and organizational dynamics of the future. Novarica is here to help.
Add new comment