Traditionally , insurers have oriented their businesses around product lines . However , to meet the gulf in needs of the modern consumer and confront the myriad crippling headwinds the industry faces , a shift is needed ; one that places adaptability at the heart of insurance ecosystems . In this article , Mike Dwyer , EIS CTO and Co-founder , and Rory Yates , EIS SVP of Global Strategy , explore how adaptability works ( or not ) in insurance today and the key technologies that ’ ll drive the insurers of the future .

Typically , cost reduction ( cost per policy ) remains one of the key drivers of insurance transformation today . This isn ’ t dissimilar to many technology-driven transformation projects generally . However , for insurance in particular , it ’ s the focus on efficiency that ’ s at the heart of the industry ’ s woes .

Implementing technologies that enable them to ‘ do what they ’ ve always done ’ but quicker and cheaper ’ has created efficiencies but also left insurers unable to confront the issues of inflation , extreme weather , and fading consumer trust . Despite investing $ 100s million , they ’ ve been unable to adapt their business models at the pace needed . It ’ s the faster horses mentality we all try desperately to avoid .

If their next phase of transformation is to confront these headwinds and create the insurers of the future , putting adaptability

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