Insurance and Innovation. They go together well.
Insurance has a reputation for being behind the times and, therefore, vulnerable to disruption. Meanwhile, since insurance is the backbone of commerce and provides protection for every aspect of individual and organizational existence, it represents a huge opportunity that has naturally attracted tech-oriented innovators.
But insurance is different. There are many ways in which someone who understands both fundamental and sophisticated concepts about the general business world may nevertheless not really understand how insurance operates and functions. Innovators who have not had the chance to learn about what makes insurance different could spend a lot of time, energy and resources developing ideas that seem promising but are simply not feasible due to legal and regulatory constraints that are part of the insurance ecosystem.
Innovators and would-be innovators need to have a working knowledge of the concepts and nomenclature of insurance to ensure they do not put themselves on the wrong path and also to communicate effectively with industry incumbents regarding fundamental but essential concepts in the field of insurance and risk management.
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