Chris Cheatham - one of the leaders of InsTech thinking in the US - considers some of the history of product/pricing/distribution innovation.
Building on those lessons he suggests that for technology innovation (which insurers are not experts in) to have a higher change of success it needs to link to product innovation (which insurers ARE expert in).
Food for thought as we consider which of the myriad technologies we should be focusing our limited resources on.
As I take a step back and survey the insurance technology (insurtech) scene, I believe we are missing one important discussion: the connection between the technology and new insurance products. How will your mobile app help AIG identify a new product that should be underwritten? How will your health data help Zurich create variable rates for health insurance? How will your Technology Enabled Policy Review software help an insurance company identify outlier language that may create additional liabilities? (I have an answer to this last question!)