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July 21, 2015

Insurance Gets Ready For Some Major Disruption

Posted by Ranjit Narula (View Profile | View All Posts) at 10:49 AM

Insurance Gets Ready For Some Major Disruption

Recently, I had the privilege of representing Infosys as the moderator at one of Innovate Finance's panel discussions, titled 'The Democratization of Data: The Changing Face of Insurance.' The session was well attended with representatives from startups, investors, and organizations such as Aviva, Swiss Re, and the Lloyds Banking Group. There were four groups with 12 participants each with topics ranging from the one I was moderating to digital, telematics, and risk. We had 45 minutes to discuss the topic and then present the findings to the rest of the group.

What we all discovered is that there are new, disruptive insurance companies that are stirring things up in a very old and traditional business. One of the participating startups had the following claim: Better care starts with technology. Their proposition is that they are a new kind of organization that melds medical care with insurance. Another startup-created website directs you to tell them your symptoms so that they can connect you with a doctor immediately. You can track all your visits, prescriptions, and lab results on your mobile device.

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