“The insurance industry is traditionally risk-averse, which can create a barrier to the adoption of new technologies,” according to Thoughtworks domain specialist Davnit Singh (pictured above). In conversation with Insurance Business’s Corporate Risk channel, Singh summed up some of the key barriers between insurance companies and digitalization and how the resistance of some insurers to digitalization can be tackled with the right mindset from the industry at large. With over 16 years of experience in the IT space of digital transformation, Singh, as the principal consultant for the global insurance industry for Chicago-based IT solutions provider Thoughtworks, is familiar with the rapidly changing landscape. He has seen firsthand the many barriers to insurers’ adoption of insurtech, found certain areas to prioritise for adoption given the state of the market, and ultimately seen opportunities to bring more firms onboard as the industry tackles more and more risks . “With the rapid pace of technological change, traditional risk management methods may no longer be sufficient to address new and emerging risks,” Singh said. “By adopting modern insurtech platforms and tools, insurers can enhance their risk management capabilities and make more informed decisions based on data-driven insights.” Staying competitive and relevant is […]
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