Insurance companies take active steps towards modernization to keep up with customer's expectations and recent entrants to the insurance space who use the latest technology. Carriers introduced new entities into their organizations to champion and facilitate progress. Today there are innovation teams, innovation labs, venture arms, accelerator programs, and the less familiar function -- the Entrepreneur in Residence (EiR).
To understand better the avant-garde insurance that is done by the large insurance companies and their innovation programs I reached out to the leading insurance innovation teams.
Here is a short interview with Dominic DiMarco, EiR in QBE insurance, the man that claims to have the best job in the insurance industry.
"All the big businesses are trying to figure out how to do things "faster, quicker, easier and leaner" and they don't have those skills in their four walls to do it themselves most of the times."
"There is a difference between the IT infrastructure and core systems to the innovative work that is happening on the fringes. You can't replace a core system at once."
"Insurance companies, at their core, are massive financial institutes."