In part one of this series, we wondered why the seeming infatuation with insurtech continues apace as if software that’s already on the market were inadequate to overcome reliance on legacy technology. And we asked this question: “Since many of those new [insurtech] wheels are unproven (hence, the risk), why wouldn’t we work with the ones that already roll?”
We have no desire to appear defensive. But we’re compelled to say we’ve worked — and continue to work — hard to provide the best of both worlds. Here’s why we say that:
First, we’re not peddling legacy technology. (Why in the world would we do that?) On the contrary, we developed our software and our business model to take the pain out of replacing legacy technology. Second, we developed our software to enable the integration of whatever aspects of insurtech demonstrate productive, business-improving value to our customers.
“Hindsight is 20/20” is a very common expression. We can’t help but wonder why people wouldn’t want their foresight to be a little more acute. Case in point: In part one of this series, we also excerpted some text from an article we’d read. Some of that text said this:
Successful companies often struggle to anticipate and adapt to competition from new entrants … until it’s too late.
We’re not sure what constitutes successful in that sentence. It seems to us companies that struggle to anticipate and adapt to competition from new entrants until it’s too late might be a lot of things — like unsuccessful or gone — but not successful. But setting that aside, it seems to us that if companies choose to work with vendors that keep their eyes open, that take advantage of the investments being made in insurtech, that recognize the winners, and that make their software flexible and configurable enough to integrate and employ those winners, they’d be much more likely to be successful. And they’d significantly mitigate their risks of being too late.
It’s a good thing developers and investors aren’t willing to settle for the status quo. But neither are we. That’s why we work hard to ensure our customers don’t have to settle for anything, especially legacy technology.
Remember: The software you choose may define your legacy.