NU Property and Casualty 360. By Elana Ashanti Jefferson
Insurance and risk management professionals who monitor where their industry is headed and what it must do to keep up with customers know that now, technology solutions are the name of the game.
There’s no shortage of technology providers eager to partner with insurance businesses. The talk among such InsurTechs these days is less about disrupting a centuries-old industry and more about how to grow their business by forging the right partnerships.
“In the last couple of years, carriers have started to become anxious and wonder are we smart enough and fast enough in how we do things?” notes Earnix CEO Udi Ziv. “I think they’ve realized that they need to be different from a competitive perspective.”
That anxiety only grew at the outset of the COVID-19 pandemic, Ziv says, as insurance carriers recognizes that policyholders have no interest in paying for coverage that they may no longer need. “Everyone, we’re speaking with now is saying, we need to have some sort-of UBI or behavioral-based insurance,” he says.
User-based insurance products are on track to account for a significant portion of the insurance premium pie, Ziv says. And this is exactly the kind of economic shift that will see some InsurTechs blossom while others cower.
Ziv adds that Earnix has distinguished itself by being reliable when dealing with mission-critical insurance business functions, and being able to deliver quickly when it comes to system integration.