At the recent Earnix Excelerate conference in London Robert Pick, Executive Vice President and Chief Information Officer at Tokio Marine North America Services shared his perspective on how legacy core systems and newer technologies can work together and what's holding insurers back from embracing insurtech.
The current wave of innovation presents both opportunities and challenges, but it’s not for lack of desire that insurance companies have been slow to adapt to the newest technologies. Lack of integration, regulation, and difficulty in collecting, managing, and analyzing data can be barriers to embracing innovation. As the race to digitize continues, Pick said integration and ensuring innovative solutions play well with other systems is key to driving the industry forward.
“We still need to maintain our core systems. But we also need insurtech and other innovative solutions inside and outside the industry. How we bring those together is a multidisciplinary and multifaceted effort,” said Pick