Insurance must ride the next technology wave
Darren Trott of Claim Central explains why the industry must act now to shed it's traditionally slow-moving ways and adapt to rapid global technological changes. Insurance must ride the coming technology wave or face being left paddling.
Video transcript below:
Darren Trott, Claim Central
Darren Trott: If your business is one that’s more than 10 years old, the chances are that your processes and the technology that you have is already outdated.
The next wave of technological change is happening globally over the last few decades. We have had the invention of the mainframe computer, then we had mini computers, followed by PCs and then when the PCs were ultimately connected we had the internet and all of the change that the internet brought. And once that was mobilised with mobile technology you could do things anywhere that you are connected to the internet having to be sitting in front of a PC.
It’s recognising how those changes are going to impact our industry, getting ahead of that curve and doing something about it. So for example, there are cars now that are being built that will prevent rear end collisions. And so when you think through what the logical advance will be with that, if you got cars that no longer have rear end collisions what does that do to the crash repair industry and what does that do to insurance products that are designed to cover accidents in motor vehicles. The key here is, we are in industry that’s a very tradition slow moving industry and so the ability to find these technologies when you are surrounded by many people who will say that won’t work, that’s the challenge.
Some of these technologies are quite disruptive and they challenge the traditional models of the way we do things. It’s not necessarily about building your own system or it’s not necessarily about plugging in something to your existing system. It’s about putting what we currently do to one side and going what is it that I really want to achieve, what does that business stand for?