Journey to digital insurance
Like banking insurance, as an industry, has been around for a long time. The first recorded insurance contract is purported to be from Genoa in 1347. A century later, the insurance industry as we know it today was born off the developments of maritime insurance. And while products have morphed, developed and advanced over the years, the fundamentals of insurance – and how it is underwritten – has remained largely unchanged.
“Insurance is an industry that exists to create certainty in an uncertain world,” noted Steve Monaghan, chairman and chief investment and innovation officer, Gen.Life. “Customers that feel they to provision for the future – be it life insurance, education, savings and investments – over a long horizon, that’s where insurance plays a key role in our markets today.”
He notes that there is closer alignment between the insurer and the customer. Whereas banks want to make money off their customers, insurance companies want to make sure that customers have a long, healthy life. They don’t want customers to get sick because it is in their interest that customers remain healthy throughout the life of the insurance policy.
In this exclusive interview with Fintech Innovation, Monaghan explains why the insurance industry is moving away from insuring outcomes to preventative. He concedes that the industry has, historically, not been slow to adopt new technologies. However, he believes that insurers are finally embracing digital in the form of InsurTech.
Watch the rest of the video to get insights into what he believes will be pivotal moments in insurance.