We saw this question the other day: How much chain could a blockchain block if a blockchain could block chain? It accompanied this cartoon:
We’re not trying to play similar word games with insurance. But we can’t help wondering: How much insurance could an insurance company write if an insurance company had insurance for its insurance company? We don’t mean liability insurance or BOP. We wonder if a sound, solid, fully functional insurance-processing suite constitutes something like insurance for your insurance company.
Think About It
When’s the last time you read an article about the number of insurance companies still working on green screens? Many insurers still do. When’s the last time you heard anyone admit to still using a dial-up modem? Some people still do. When’s the last time you heard anyone in any industry say anything other than their technologies were emerging, disruptive, or innovative? And why do you think that is?
It’s because talk is cheap. It’s also less expensive and more practical than chasing the rainbow and betting the ranch on emerging technologies.
And speaking of practical, is any industry more practical than insurance? Insurance has to be practical by definition. If you’re in the business of reserving the premiums of your policyholders against potential losses, what else could you be?
Yes. Like every other industry, insurance needs to keep its eye on emerging technologies. But its first look has to be at reliable ways in which to process its business, to serve its constituents, to ensure minimally risky ways in which to deliver its products and services. If insurers spent their time and attention pursuing emerging technologies, how much would be left with which to satisfy and retain their policyholders?
Everything you hear about leading insurance companies notwithstanding, for the really smart ones technology will emerge as it can.
Here’s a Real Bottom Line
We’d like to think we’re as idealistic as the next guys. But we might be just a bit more pragmatic. So, whether you’re betting the farm on insurtech, blockchain, or any other dream of the future — whether you’re chasing rhetorical rainbows like digital transformation or you need a fully functional insurance-processing suite right now — we’re here. We’re here now. And we’re ready, right now.
Feel free to think of us as your insurance insurance.