3. What role can technology companies/vendors play in helping insurance companies be more innovative?
Technology vendors have a vested interest and a critical role in helping insurers achieve innovation cultures. Many vendors are not only trusted partners but have broader enterprise access and insight than do management. And because of their broad industry access, they are uniquely equipped to advise clients on best practices. Depending on the breadth of their segment offerings, they can offer insight into the broader insurance ecosystem. And vendors who serve the entire financial services industry help cross-pollinate proven solutions.
Trusted vendor partners add value to the relationship by keeping carrier clients informed and pushing them to consider what they should be doing tomorrow, while they are busy managing today.
Finally, vendors represent a particularly valuable talent pool for insurers; battle-tested, industry and client oriented and able to focus considerable subject matter expertise on the business while also helping to foster the same innovation culture which informed their own success.
-- Stephen Applebaum, Senior Analyst, Aite Group, who will be part of a panel discussion on "What's In the Pipeline? Creating the Next Generation of Great Insurance Technology."
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio