​ Core technology ‘not ready’, says tech expert

A wave of technological changes over the next decade will create new winners and losers within the industry, according to a speaker at the GR Innovation & Insurtech conference in Bermuda today.

Dan Woods, the CEO of Socotra, gave a presentation called ‘The road to modernisation: how insurance core technology is changing’.

He told the audience: “There is a fast-changing Insurtech reality. We have to figure out what is the new strategy. A wave of changes in the next decade will create new winners and losers and the change is accelerating.”

Insurtech is the industry’s most exciting and anxiety-inducing trend but insurance is not by any means the first industry to undergo a technology revolution.

But Woods said: “The existing core technology is not ready. That is the most understated problem within the industry right now and this is the world that we live in.

“These things are going to completely change the landscape over the next 10 years.”