How can you keep up with insurtechs?

It is getting harder and harder for traditional companies to compete

How can you keep up with insurtechs?

Insurance News

By Lucy Hook

A new suite of products has hit the market today, promising to provide incumbent industry players with the tactics to keep up with the insurtechs that threaten to revolutionise insurance.

Global tech-services provider and consulting firm Synechron has announced the launch of a set of six InsurTech Accelerator solutions, which it says will provide insurance firms with solutions to their business challenges – using the latest innovative technologies.

“It’s getting tougher for insurance companies that have been around for decades now and have been doing the same thing, to compete with these insurtechs and the fintech revolution,” Ashish Nangla, senior director of insurtech & digital transformation at Synechron, told Insurance Business.

“What we’re trying to do is provide the building blocks and create an entire journey for clients to go from a modern insurance company, to a fully digital insurance company,” Nangla said of the new offering. “Now is the time that insurance companies need to offer things like chatbots and provide a better customer experience, and not leave it to the insurtechs of the world.”

The accelerator applications are each based on a unique business case, which Synechron says can be best solved through technology, and will help “re-architect” business processes to build solutions to challenges. Organisations will be able to leverage technologies such as blockchain, artificial intelligence and machine learning to enhance their business operations, reduce operating costs, and create better client experiences.

Alongside the applications themselves, the accelerator program offers access to Synechron’s team of consultants, which it says are experts in insurance business processes, products, regulation, operating models, as well as data architectures and models which are critical to constructing insurance applications.

“Insurers are looking to implement the latest technology to address real-world problems and avoid being disrupted by start-ups entering the industry,” Faisal Husain, Synechron co-founder & CEO, added.

“Emerging technologies and tools powered by artificial intelligence, the internet of things and blockchain are key for the insurance sector, and have been a driver of radical change within the industry,” he continued.

“These technologies bring benefit to insurers, brokers and underwriters by allowing them to better predict customer needs, personalise every aspect of the customer interaction, manage risks and streamline processes to higher efficiency.”

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