Industry Experts Talk Future of Insurance at 2022 ITC Conference
September 29, 2022
The editorial team at Insurance Journal caught up with Drew Lawyer, Head of the Solutions Consulting Group at Earnix at the 2022 InsureTech Connect conference in Las Vegas. Lawyer and other industry experts reflected on innovation, what this year's theme, "The Future of Insurance" meant to them, and their advice for professionals interested in launching a startup.
Discussing the state of the industry and Earnix's innovation, Lawyer said "one of the classic disconnects in the business process comes between pricing and rating. The actuarial team might make some rate changes and hand them off to the IT team, but what we're seeing is there's a breakdown. This process takes forever and there are a lot of disconnects. What we're doing is actually consolidating that process and completely transforming it. It's allowing us to get innovation in the market much, much, much faster and ultimately drive value in a much quicker way."
Asked about his thoughts on the future of insurance, Lawyer shared that "the industry is hungry for something disruptive and I think it's going to take the shape of an actual product transformation that touches the customer, because that's what customers want." The telematics experience has the ability to provide necessary digital assets and transform customer engagement, he shared.