siliconindia | | December 20198TAKING THE LEAP OF FAITH: DISRUPTIONS IN INSURTECHBy Gautam Rege, Co-founder & Director, Josh Softwarehat's common be-tween BIMA, Trv, Quantemplate and Slice, in today's time? Two things. The first is that all of these companies came into being only after 2010, and second, despite that fact, they have managed to be-come extremely popular in different geographies in the Insurance space. Says enough about the value of dis-ruption, right? In a digitally trans-forming world, disruption has almost become a success metric to track, and this is true especially for traditional industries and businesses.New age transformations neces-sarily do not mean letting go of leg-acy systems all at once, but evolving with sophisticated technology, stead-ily. Not slowly. Slow and steady may not win the race anymore! With in-cumbent tech adaptations becoming a norm, it is not just the functioning of the business, but its nature also, that will change.Tackling the Need of the HourThe important thing to note is this: just adopting tech does not guarantee success. It is always the core con-sumer need that brings about sustain-able palpable shifts, and today's need is omnichannel presence. The insur-ance industry today has a much lesser volume of insurance shoppers than a decade ago, but is also driven by consistent competitive pricing, which makes things tricky. Omnichannel experiences along with front facing, customer centric policies are emerg-ing as differentiators for insurance providers, since customers need in-surance on the go. Most InsurTech companies are also focusing addi-tionally on sales and marketing to gain the consumer's attention. Ena-bling seamless omnichannel strate-gies is no easy feat, and it's important for InsurTech providers to complete their homework before embarking on this journey. Where should you be-gin, when thinking digital? Do you need a new IT system altogether? Can heritage and innovation go hand in hand? Can you take this one step at a time, or do you need to multitask? All of these are some core questions WIN MY OPINIONGautam has used his passion and expertise in programing to bring in an industrial disruption and create technological innovations
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