Tony Russell, chief commercial officer at Charles Taylor Insuretech, spoke to Harry Curtis about how insurance companies are upgrading their technology in London and overseas, the changing dynamics in the world of insurtech, and lessons from the coronavirus lockdown.
How has the pandemic affected businesses’ approach to upgrading their technological capabilities?
I’ve seen this play out in three phases and we’re just into the third phase. The first phase was everyone just shut up shop and said we need to assess the impact of what this is going to do to our business and therefore wanted to keep their money within the business. Everything stopped. We then went through a phase, when people suddenly realised that maybe this is going to go on for a little longer than we anticipated, when companies started to unlock some of the programmes and projects that they were doing. Most companies we’re talking to around the globe have effectively iced projects that haven’t started. But what they’re doing now is they’re looking at projects that are in flight, and they’re assessing where they can see potential return on investment in a year.
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Author: Harry Curtis
Published in Insurance Post 30 June 2020