Many of the most significant car insurance companies believed that Fintech would not impact them just a few years ago. Many car insurance companies were sure that Fintech would have little impact on the market due to rules, client behavior, and other factors.
Now fast forward to today, and this attitude has completely changed. From new car insurance companies acquiring about 3000 new customers per day to some of the established behemoth car insurance companies, all are convinced of the tech impact in the industry. Car insurance companies around the country are responding in a variety of ways. They all talk about digital, have corporate innovation programs, and have a sizable IT budget. But how do you tell the difference between actual transformation and “putting lipstick on a pig”?
We’ve entered a new period known as “The Major Disruption.” It is called disruption because some car insurance firms are now “getting it” and aligning their entire organization, culture, and workers to take advantage of the digital world. While others are sustaining and may soon approach a tipping point, they will be dragged down by legacy systems, a significant cost base, and old-fashioned goods. They may also lack the financial resources to invest and remain competitive.
The car insurance industry has recently begun to see this significant difference. It is no longer simply about what a company’s senior management says and what the organization does.
So, in this new digital age, which car insurance company is most likely to thrive? Which one is most likely to have a hard time? It is essential to know the “why” of the success of car insurance companies in the age of Fintech. If you know the “why,” it will help accelerate the process of knowing what works and what doesn’t.
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