img_1169-jpg
Alastair Speare-Cole, president of insurance division Fractal Industries, at the Intelligent Insurtech Europe 2018 conference in London.
15 October 2018Insurance

Insurtech providers need to take strategic approach

Insurtech companies need to move from a tactical approach to problems to a more strategic view, according to Alastair Speare-Cole, president of insurance division Fractal Industries.

Speaking at the Intelligent Insurtech Europe 2018 conference in London today, Speare-Cole said that there was a tension between short term and long term views, with too many companies focussed on the former and not enough on the latter.

According to Speare-Cole, history remembers innovation with a survivors bias and that a lot of businesses in this space might not survive, but will have an influence.

One problem that he identified was that a lot of solutions are being created by many companies at the same time. This is leading to different data standards and models being created and is a big challenge for the industry as a result.

Speare-Cole warned that too many piecemeal solutions will end up with architecture that is tactical and not strategic, with short term solutions, not long term. Too many people are writing small pieces of AI, ignoring existing systems etc that are already out there.

He also cautioned that there is a deficit of experience with what’s happening right now at the cutting edge and that too many insurtech business are built around silos.

He urged companies to challenge the advice that they are getting and that it’s important to look beyond the hype, adding that just because some companies are big and well known, that does not mean that they are going to get good advice about what to do.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news from Intelligent InsurTECH Europe 2018

Insurtech disruption could become a ‘black swan’ event: JLT’s Flandro

Insurers must ensure technology gap does not get too wide

Realism the key to insurtech

Marine market can be transformed through insurtech

AI tool adds cat risk information to property premium calculation

The blockchain challenge

Insurtech needs to bridge the gap

Practicality important for successful insurtech partnerships

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
15 October 2018   Insurtech needs to be realistic, according to a panel discussion at the Intelligent Insurtech Europe 2018 conference in London today.