Phinsys CEO Richard Tyler writes in the Innovation issue of Insider Quarterly
Innovation, is a much over-used word in the (re)insurance sector, not because it isn’t needed and not because the industry isn’t capable of it, but – as with phrases like ‘efficiency’, ‘transformation’ and ‘electronic placement’ – the reality of what’s actually happening on the ground sometimes lags far behind the rhetoric.
But in an environment where there is greater scrutiny in all areas, true innovation is becoming a necessity for many market players.
Investors and shareholders are watching companies carefully to make sure they are keeping costs under control and delivering promised returns. InsurTech companies, in-house ventures and partnerships between brokers, carriers and technology firms are making some real progress in introducing meaningful innovations that will shorten the (re)insurance value chain and cut costs.
Richard Tyler explains how, with the right technology, insurers can transform their financial processes, reduce costs and drive growth.