As the insurance sector readies to boost digital transformation, DevOpsGroup has joined the InsTech community of innovators, entrepreneurs, investors and professionals.
Formed in 2015, InsTech creates much-needed space for dynamic collaboration between industry leaders and innovators looking to drive progress. We’re keen to participate in this community, bringing insights and learnings from our work with early adopters of lean, agile practices and DevOps principles.
While insurance has a strong history of innovation, it has been slower to embrace digital transformation than sectors like banking and retail. Our conversations with technology leaders indicate that there is an appetite to embrace modern ways of working and use technology as a strategic enabler. However, much friction is encountered in the process.
Active collaboration between long-established organisations and InsurTechs will play an important part in the transformation of insurance. Only a couple of years ago it was thought that smaller start-ups might disrupt the industry, but the reality is more nuanced.
“The insurance industry has a uniquely symbiotic relationship between incumbents and start-ups,” says Rael Winters, Product Manager at DevOpsGroup. “At the moment, few InsurTechs have the potential to cause real disruption. In fact, most provide enhancements to the value chain, essentially fulfilling a ‘sustaining innovation’ gap that incumbents are struggling with. The handful of successful ‘full stack’ InsurTechs are still fairly niche in the audiences they serve.
“However, the industry remains ripe for disruption and, of the many potential sources from which it may emerge, rapidly scaling InsurTechs remain a strong contender. Incumbents need to transform in order to survive this disruption, or even cause it. The InsTech ecosystem creates a level playing field for different types of organisation to come together in the name of modernisation. And we’re committed to helping them succeed.”
In the autumn, DevOpsGroup will host a roundtable where technology leaders from insurance organisations can discuss practical matters related to transformation. If you’d like more information, contact firstname.lastname@example.org.