Insurance is a traditionally staid business that has operated the same way for years.
As Evolve Capital Partners (ECP)walked around the Risk and Insurance Management Society (RIMS) Conference this year, the conversations were different because the insurance industry is aware the status quo is about to change. There’s a big gap between the established insurance business practices and the new InsurTech world.
We met several companies who were strongly embracing the technology revolution and were implementing technology and software across their businesses. However, results from the Marsh/RIMS Excellence in Risk Management survey, which seeks to understand risk professionals’ readiness to help an organization navigate artificial intelligence, blockchain and IoT, showed that only 14% of respondents felt their organization had a clear process to address risks associated with disruptive technology.
Evolve Capital Partners can help bridge that knowledge gap to help insurers understand InsurTech and the benefits of innovation. Without that knowledge, brokers, carriers and risk managers themselves face the risk of being left behind.