Tehran(Bazaar): Rob Galbraith in an interview with Bazaar News Agency said: Emerging technology allows insurance by driving down costs, promoting product innovation, and widening access to underserved segments of society.
Rob Galbraith isa well-known insurance futurist, industry influencer and international bestselling author. Rob has over 25 years of experience on the carrier side and is a recognized thought leader who has been called “the patron saint of insurtech” and “the most interesting man in insurance”.He is an award-winning keynote speaker and frequent media contributor who has spoken at events around the globe on the topics of innovation, insurtech, and the future of insurance. Robholds the CPCU, CLU, and ChFC professional designations and co-hosts the Insure Tech Geek podcast which is available on all major platforms.
Following is the full text of the interview:
Bazaar: What is the impact of emerging technology on the insurance industry?
Galbraith :Emerging technology allows insurance to overcome long-standing industry challenges that have prevented more people from obtaining broader coverage to protect their assets against loss. Emerging technology can drive down costs, provide greater insights into the nature of risk, and provide seamless digital experiences for customers.
Bazaar: What effect does insurance technology have on improving people's welfare?
Galbraith :By driving down costs, promoting product innovation, and widening access to underserved segments of society, emerging technology increases the size of the insurance market and allows families to save less money to cover potential risks on their own, freeing them to spend more and boosting economic growth in Iran. In addition, by providing protection against risk, insurance technology helps promote greater risk-taking and entrepreneurship that allows more small businesses to thrive, which also promotes employment and economic growth.
Bazaar: What are the challenges in using insurance technology in countries? What is the solution?
Galbraith :There are three major challenges to leveraging insurance technology in countries. First, insurance has traditionally been an early adopter of technology which can create "technical debt" caused by old, archaic information technology that is out-of-date and in need of replacement, which is costly. Second, newer technology can be a challenge for older technology workers to learn and properly make use of as it is unfamiliar to them and may require a newer generation of workers to maximize its benefits. Third, the accelerating pace of technological change makes it challenging for decision makers to select the right technology to use, knowing that it could be "leapfrogged" by new technology in a short amount of time.
The solution to these challenges in my view is to promote a corporate culture of innovation that allows for experimentation and quickly adapting to new trends and technology while accepting failures as a cost of doing business. It is better to run experiments on a smaller scale with the intent of meeting pre-determined "learning objectives" before making a larger investment with the expectation of a financial return or being justified by a cost-benefit analysis. It is better to have a string of smaller failures that lead to success rather than one large failure that could have been avoided through better planning and a willingness to learn.
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