The InsureTech Connect conference in Las Vegas was an insightful and lively event, bringing together industry leaders from the insurance and technology worlds. The Quad Nova team came away with a wealth of new information and here are the 3 key takeaways we observed:
Blockchain is more than just a buzzword this year. A demo was performed of a live system providing proof of insurance via blockchain. Many solid use cases were presented for blockchain implementations, for example facilitating automated claims payouts using trusted transactions.
New insurance products, such as cyber, are popping up in the market faster than technology can keep up with. Companies needs to be agile and speed to market is key. Collaboration between tech companies and insurance carriers is critical to succeeding in the current marketplace full of disrupters.
There is an industry wide problem of how to decommission legacy systems and there is no one-size-fits-all solution. Replacing legacy system can be extremely costly to the business and it’s likely there won’t be a single alternative to compensate for years of business logic. The advice from industry experts is to keep the legacy system in place, however, use the opportunity when writing new insurance products to explore modern technologies, such as microservices.
The next year is poised to be an exciting one with major changes to the industry on the horizon. Want to chat about it? Contact us!