The real difference between insurtechs and traditional insurers is culture not technology

The pandemic has highlighted the digital divide between traditional insurance companies and their more agile insurtech counterparts

Irrespective of the line of business they operate in, established insurance organizations are having to evolve their traditional channels of contact and models of administration to keep pace with insurtechs. They often aim to achieve this by partnering with insurtechs or buying them wholesale to form new digital functions. However, the real key to transformation is in the culture of an insurance provider.

In this interview with Mia Wallace of Insurance Business Mag UK, Senior Account Director and UK insurance lead at Blue Prism, Hugh Pelling, discusses the forces impacting traditional insurers, the effect of COVID-19 and the role of technology in transformation.

Addressing cultural paint points in insurance

Financial services giants, including insurance companies, managed to pivot to remote working overnight, swiftly and successfully re-engineering their businesses and harnessing technologies to adapt to the changes in weeks. 

So there is a capability there for change, but the key pain point is cultural as insurance markets tend to have cultural legacies as well as technological ones.

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