Think InsurTech Culture Before InsurTech Adoption
By Dimitri Anagnostopoulos
Partner, True North Partners
I love buzzwords. These days one can hardly have a conversation in a business context without using one: “FinTech”, “InsurTech”, “Big Data”, “Innovation”, “Disruption”, “Disruptive Innovation” … the list goes on. One can fill whole sentences with supposedly very important messages, yet without really saying much, especially when there is no clarity on what these terms refer to. For example, if I read “InsurTech can be the driver of innovation for your business”, I have to ask myself if that is really true. What does that mean for products or technologies in InsurTech? Is it because an idea is innovative or is it simply about efficiency? What if adoption doesn’t really work? Specifically on the last point, I see two main challenges when looking at “InsurTech adoption”. The first one is failure to implement the desired solution successfully. The second one is failure to actually achieve or realize the desired/planned benefits.
The drivers of these two challenges link back to organizational culture. Yet “culture” is such a generic term that can mean everything and nothing at the same time, unless you really break it down to practical issues, understand their nature, and identify how to address them.
When I speak at FinTech or InsurTech conferences, I always ask the audience what they are seeking to get out of the presentation. The answer is always the same: “to learn how ...
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