By: Luke Jones, Published on December 21, 2017 03:47 PM, Last Update on December 31, 2017 12:48 PM
A growing divide in the insurance industry around topics like digitization and insuretech will continue to expand next year, according to the 2018 Outlook Report by Valen Analytics.
The annual report is now in its fifth year. This year the report highlights the growing split amongst insurance companies as the industry managed several significant changes and technological advances. Some companies want to adopt incremental changes, while others believe disruption is better for revolutionizing the ecosystem.
Valen Analytics is a firm that provides analytics, data, and predictive modeling for property & casualty (P&C) insurers. In its 2018 outlook, the company says the divide in how to adopt innovation is wide enough to create new frameworks for how insurers define performance and success.
“Two years ago, we identified a crossroads moment for insurance and highlighted insurtech innovation as something carriers were embracing more fully,” said Dax Craig, CEO and president of Valen Analytics.
“Today, we see the trend creating a fundamental divide between executives who are looking to create incremental improvements, and those who believe a fundamental change is necessary.”
Other industry splits identified in the report include a debate amongst underwriters over pricing models.