About the author
George Hanks, Consultant
George is a Manager at Oxbow Partners.Contact George
April 7, 2017 George Hanks
Last month, Oxbow Partners attended InsurTech Expo 2017, an event that brought together an eclectic mix of exhibitors and speakers, ranging from 3-month-old startups, to the incumbent insurers.
In this post, we share three messages we took away from InsurTech Expo 2017.
This is the view of Carl G. Bauer-Schlichtegroll, General Partner at EoS Venture Partners. EoS Venture Partners are a specialist InsurTech VC that have now invested in 6 InsurTech startups at the Seed stage.
This was the view of another EoS man – Sam Evans, Founder and General Partner. Sam argued that the way in which insurers plan on using innovative technologies varies on an almost monthly basis: there’s much talk about innovation and partnering, but little action.
One driver of this is procurement. Existing processes can stifle innovation: asking a six-man startup to navigate the same procurement process as a major IT outsourcer is a major barrier to partnership. Insurers should adopt a more agile procurement process to allow them to benefit from emerging technologies.
Such was the view of Dharmendra Patel, Strategy and Finance Director at Pushfor. Dharmendra was referring to the day that the General Data Protection Regulation (GDPR) will be introduced.
The full extent of the GDPR was laid bare in this talk and the reactions of shock and amazement in the room could be representative of the industry’s lack of preparation. (We have a guest blog post covering the impact of GDPR coming soon – please look out for that)
Points about the GDPR highlighted by Dharmendra were:
Dharmendra argued that the legacy systems of incumbents could pose a stumbling block to compliance. The consensus in the room was that many incumbents may not even know the extent of data that they hold on their customers.
In contrast, startups have the luxury of building their systems from scratch, and with the GDPR in mind. Without having to worry about IT change, startups can focus on doing what they do best – disrupting and innovating.
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