A change in mindset is needed to integrate insurtech and legacy systems, an expert has said.
Dr Tony Carter, chief underwriting officer at
SLE Worldwide, said that incumbent businesses need to not only be ready to bring innovative technologies into their legacy systems, but be prepared to bring their people along for the journey too.
“It will be a significant investment of time and capital and there will be trial and error, but you have got to be prepared to change behaviours as part of this,” Carter told
Insurance Business.
“It has got to be driven by a change in approach. If you are just going to have a different IT system that does the same thing, then what is the point?”
Carter said that SLE has been through an integration process which has transformed its own internal systems, and the lessons the business has learned can help others looking to further develop their own technology.
“The biggest thing, and what we incorporated from the start, was it wasn’t just an IT project. It was actually a change management project and to really transform underwriting,” Carter continued. “We haven’t built [our system] for today; we have built it for the future. With quite a lot of things with technology, and it doesn’t matter how far back you go, quite often there is a lag between the invention of something and the optimal use of it.”
The integration of old and new technologies is only one way in which insurtech can change a business, Carter said. With technology designed to increase and facilitate better communication, he believes that physical changes can also benefit a business implementing changes.
“We knocked down dividing barriers,” Carter continued. “We opened up the office, we changed the physical environment so instead of having people sit 20 metres apart from the property and casualty side to claims, we had people mixed in together so there was communication so we could cross-sell across our multiple lines of business.”
To hear more from Dr Tony Carter, and other insurtech experts, be sure to attend the inaugural Insurance Business Insurtech Summit at the Amora Hotel Jamison Sydney on Tuesday, May 08.
Insurance Business readers are encouraged to register now to secure the best possible rates for this event. Save $300 per person with the Super Saver rates; or four could attend for the price of three with a Team Pass.
This event has been accredited for 5 CPD points by the National Insurance Brokers Association (NIBA).
Check out the full program here.
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