and enriching the customer experience was all very important.
Consulting: What are some of the biggest challenges InsurTech
companies are facing?
Balasubramaniyan: There are a number of challenges. First and
foremost is collaboration. A lot of the big insurance carriers have very
big brands, which none of the Insur Techs have today. Collaboration
was a big challenge, the difference in culture, scale and agility.
Integrating their InsurTech solutions into a large insurer’s value
proposition is a big challenge. Of enablers, distributors and full
carriers, the full carriers are on their own, they don’t have much
of a dependency because they’re operating as their own insurance
company, for example providing microinsurance for mobile devices.
Consulting: What are some of the big consulting opportunities
around Insur Tech?
Balasubramaniyan: We started looking at everything as an end to
end more from a solutions standpoint, cyber insurance is a big
focus. We expect a lot of solutions around it. We have significant
opportunity to manage that risk and to embedding InsurTechs
on the overall insurance value chain. Insurance has a lot of great
opportunities for us as a consulting organization, we have a great
advantage to bridge and embed Insur Techs and integrate them in
the value chain itself. Cognitive document processing is a big thing
happening now in the market, whether it’s feeding letters, forms,
images, applying artificial intelligence on top of it, there’s a good
amount of focus on that, as well as automating the rating process
for small commercial insurance. These are great opportunities for
consulting organizations today.
Consulting: What were the biggest takeaways from the report?
Balasubramaniyan: When we did this research, we also looked at
what is the way forward. How does this strategic collaboration
work. As part of the World Insur Tech Report we had highlighted
something on InsurTech partnership potential assessment. That
assessment has certain characteristics explaining how an insurance
carrier should partner with an Insur Tech in the near term and also
in the longer term. There are some very good characteristics we
believe will have big value, not just for consulting organizations
but for insurance carriers in partnering with Insur Techs.