Technology will continue to revolutionize the insurance industry but will do so around the core of human activity, according to panelists who spoke on Tuesday at the ITC InsureTech Connect Conference in Las Vegas.
"Man is still the core element of our business," said Brian Hetherington, president of San Matteo, California-based brokerage and technology firm Newfront (ABD), during the Technology Enabled or Technology Disrupted session. Who will you be? ”At Mandalay Bay Resort and Casino. He added that technology must build around that premise of "overloading the human element" and going "further and faster."
Mr. Hetherington started brokering the ABD group nine years ago, reaching about $ 1
Brendan McCord, CEO of Acrisure Technology, part of the broker Acrisure LLC, agreed with Mr. Hetherington. "It's a complex product bought by someone who applies a complex, subjective trust-based value function, which means you need the human qualities, intuition, creativity, empathy," he said.
Technological change will begin at the edge of the industry before penetrating deeper, says Ramneek Gupta, founder and managing partner of Palo Alto, California-based PruVen Capital. Thus, technology providers will begin to collaborate with existing and, as time goes on, "evolve the ecosystem."
"We are now four to five years into that journey. It takes time to go from disturbing the edges to completely disturbing the core. That's how things develop," says Gupta.