InsurTech is a disruptive innovation wave that will change the face of the insurance industry, unlike any other "innovative wave" we have seen.
A combination of new technologies, and high expectations of a networked generation, gave rise to insurtech start-ups. Using cutting edge technology they stand more chances to design superior products at lower costs than incumbents. New InsurTech products have yet to become mainstream. But how come start-ups are able to achieve product superiority faster and better than incumbents?
There's a window of opportunity for FSIs to collaborate with start-ups and combine their forces to create and deliver value to end customers. But for this to happen, both parties need to be aligned in order to successfully execute their digital transformation.
Financial Services Institutions (FSIs) are large ships with hundreds of people and thousands of customers onboard very hard to manoeuvre to use the tides or go through storms. Whereas start-ups are speed boats that can change direction to seize the momentum of currents and waves. That is agility in the common sense!
Agility in the business setting is about managing a variable scope with fixed resources and timelines. Insurance companies have a large scope, considerable resources and looking at medium to long term. Start-ups have a much smaller scope, limited resources and have to deliver in the short term.
Aligning both parties on the concepts and underlying rules of agility is necessary. This has implications on various fronts from aligning the two partners on the business objectives, to engaging teams, and defining the work they do and how they collaborate together with a new hierarchy, to procurement and how an agile contract is built and executed.
Lami Technologies is a pioneer in digital transformation in the insurance industry. Lami's partners benefit by creating new tech enabled distribution channels and successfully delivering digital insurance products to market. For more info contact us at: email@example.com