There was a time when business leaders were
thought to be enticed by “shiny objects” for
their companies without regard for how new
technology fit into the company’s strategic
plans. In Capgemini’s World Insurance Report,
Shane Cassidy explains that insurers still
struggle to determine how best to use new
technology, but more money is being spent on
testing, investigation, and finding out how best
to use tools for underwriting, claims, fighting
have created cen-
ters of innovation
with others to
these issues,” says
vice president for North American
hiring a new breed of people that think more from an innova-
tion perspective than what the industry historically hired.”
The challenges insurers face are basic, but difficult. Insurers
have multiple platforms and most aren’t built to be agile, so they
can’t create products or put up new business models quickly.
They have to turn their data into value-based information so
they can modify an approach, pricing or distribution, according
The more difficult challenge for carriers remains culture.
Large insurers aren’t built to be market agile and data driven,
even though they are operating a data enterprise, points out
“You are going to get to a world where data drives decisions
on a daily or weekly basis and how they operate, go to market,
distribute, create products, and price them,” he says. “It’s an
interesting time for insurers and will continue to get that way.”
Wearables: Economic Based
One area of change that carriers must deal with involves the
influx of unstructured data, whether it comes from appliances
New technology ideas are not being examined simply because they are hip;
insurers understand their business is changing whether they like it or not.
in their home or
wearable devices that
monitor health issues.
Cassidy believes the
data world is on the
edge of a major breakthrough.
is light years away
from where we will be
in two or three years
with all the connected
capabilities,” he says.
“The simpler technol-
ogy is now moving
to Apple watches.
There is already a stat
for how many lives
have been saved from
Apple watches through the monitoring of heart rate. It won’t
The wearables are ahead of other Io T technology because