Friday 13 March was the last day of the Cape Town leg of Insurtech2020. It was also the last time I shook the hand of any person. Almost everyone started physical distancing from there.
Within the next two weeks, an invisible virus forced industry, across the board, to do what no motivation from the tech guys could do, focus our attention on the process optimization solutions provided by technology. It took most insurers seven to ten days to move almost their entire staff complement not just working remotely, but working from home. If we could accomplish this without months long strategy sessions or new purpose build systems imagine what we can do if we open our minds to the innovations staring us in the face.
I see developments in the insurtech space in the same light. Most know what could or should be done but very few knew how to cross the threshold into the future of insurance. That is one of the main reasons why the most innovative insurtech developments still come from startups outside of the mainstream industry.
Insurtech innovation is almost like an American muscle car. The platform is there, a big block V8, solid transmission etc. It runs pretty well on its own but, to really perform, we plug in a turbo or supercharger and we call in a high performance specialist to select the perfect parts to attach.
Amongst the numerous take outs from the conference, the main message has clearly pointed to looking for the right partners and collaboration. The conference synopsis in this E-Book, together with the presentations and videos, will provide a good overview of the current landscape in South Africa.
Let’s hope COVID-19 has been the catalyst that moves insurers to consider that supercharger waiting patiently to be hooked up to their big block.