Technology will help insurance into the future, but it will not fundamentally change the industry, according to Evan Greenberg, Chairman and CEO of Chubb Ltd.
Technology is changing the insurance industry in a significant way because "it is providing tools and opportunities to improve all functions and activities from the customer experience to the process of subscribing and risking", until the claims process, Greenberg said on Tuesday at the InsureTech Connect conference in Las Vegas.
Insurtech companies can improve the customer experience and other aspects of the business, "but they do not change the basic nature of risk-taking," Greenberg said at the conference, which was held live but was also available almost.
Ultimately, change is less about implementing technology ̵
People are connected, but "the longer the pandemic has lasted, there is this relaxation that occurs."
Technology and virtual connection must complement human interaction, he said. “You can't build culture practically. You can not train people. You do not have the same creativity. You do not have the combustion that goes with people together.