Market modernization and technology such as blockchain relies upon market participants having some uniformity when it comes to how they process their data and the pace of change they are willing or able to tolerate.
However, with a lack of uniformity in approaches to both, how can market modernization initiatives drive real and lasting change, asks Send’s Co-founder and CTO Matt McGrillis in a new column for Insurance Day.
Change is a marathon not a sprint, indeed it should not have an ending. But it will always have a beginning, be that 3 years or 300, all businesses have a starting point. And that is one of the key issues slowing the pace of change. Businesses have joined the marathon at different starting points, with differing inbuilt technological ability to evolve and adapt.
“It is just a simple fact that some who perhaps have been in the race for the longest, struggle with the pace that younger, fresher competitors, without the lactic acid coursing through their aged IT veins are able to achieve.”
So, how can businesses achieve an equal footing, no matter where they find themselves in the race? Is there a solution that doesn’t require eye-watering investment or a complete overhaul of operation systems and practices?
Matt argues for systems that function as a tech “bridge”, that in the short-term can help insurers catch up, but also prepare the foundations for their future technology state. This technology can achieve a connection between old and new, a single and better view of what you have; “a view that is certainly more forward looking than back.”
Read Matt’s full article in Insurance Day here (subscription required).