Why Insurers Must Pick Up Their Technology Pace

The insurance industry is on the horns of a dilemma: how to use new technologies to improve their operations and how to insure the risks these new technologies present to their customers. The pace of technology is changing at faster rates than ever before and continues unabated despite the associated risks. New technology startups constantly enter the field, using technologies that impact multiple industries and user groups. Additionally, new technologies are developed virtually every day and are released almost immediately. This means that rapid adoption and use of new technologies is happening ahead of the ability of insurers to understand and respond to them, both as a user and as an insurer.