NEW YORK – Technology has become a core element of the insurance sector and has gone from disruptor to enablers, according to speakers at an event in New York hosted by Willis Towers Watson PLC and Plug and Play LLC.
Andrew Johnston , global head of insurtech for Willis Towers Watson in London, joined the company three years ago and “that time, we didn't have an insurtech practice,” he said.
He now has a group of roughly 30 staff who have arranged through some 2,000 technologies to arrive at a focused group of 20 to develop, said. Johnston said.
Asked why he was interested in technology, William Seymour, assistant vice president, professional liability in New York for Transatlantic Reinsurance Co., replied, "You kind of have to be." that businesses are changing to remain relevant, ”he said, adding the company is“ looking for startups that are generating premium. ”Technology is now being seen differently by the insurance sector, they said.
“ Personally, I don't see (technology) as being intrinsically disruptive, "Mr. Johnston said." I think it has the ability to amplify disruption, but I don't think technology in and of itself is disruptive. "
" theme of disruption, the narrative, is no longer, "Mr. Seymour said, but has become much more about" enabling "the industry.
Investment also continues into the sector, topping $ 1
Valuations have become" astronomical "in some ways, Mr. Seymour said.