Digital transformation and the legacy of insurance

Read the full and original article in InsurTech

PA Consulting’s Jason Whyte, insurance expert, talks to Joanna England at InsurTech about digital transformation in the insurtech industry.

Commenting on this, Jason says: “the current economic climate is having an impact on the maturation of the insurtech industry, as well as the transformation of incumbent companies.”

In response to whether the recent drop in investment had slowed digital transformation for insurance companies, Jason explains: "The last 12 months have seen a number of economic pressures, some of which, such as soaring inflation and rising interest rates, the industry has not had to deal with for a very long time. The temptation would normally be to defer major change, but there are too many other pressures to stand still. Suppliers are withdrawing support for old technology, regulators have ever-increasing expectations of operational resilience, and other players in the market are innovating.

He concludes: “Instead, we expect to see successful insurers take a more hard-nosed approach, streamlining their transformations to focus on getting the fundamentals right while building the flexibility and capability – especially in data – to be able to respond to emerging trends and requirements.”