There's a seemingly never ending parade of new technologies, insurtechs, and innovative approaches being discussed in the insurance industry. Every other conference or industry event is dedicated to the evolution of the industry. But are these changes actually taking hold in the big insurers, are the customers actually feeling the effects of a changing, modernizing industry, or are they just buzzwords?
The secretive, competitive nature of the industry means most of the partnerships and changes going on happen behind the scenes. However, the degree to which an insurer is actually innovating and modernizing is likely to become increasingly important to insurtechs, especially as this segment of the market matures and existing partnerships begin to show their worth. Th announcement of AM Best adding an 'innovation' category to its insurer ratings system is indicative of the importance genuine innovation in the market today, and how significant it will be in the future.
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