As insurtech wave grows, carriers must look closely at entrants
When considering a technology partner, insurers now have more choices than ever, from the existing traditional ranks of technology solution providers to the latest insurtechs. In many ways, the insurtech movement is a leveling factor—challenging the same old niche players to step up their game.
The process by which an insurer vets a vendor, whether traditional or insurtech, is not failsafe, and many a CIO has lost their jobs trusting that process. With the best of intentions, there will always be promises made that cannot be kept, from the initial RFP to implementation. There also are examples of vendors that have won deals and delivered above and beyond on their promises.