Nick Bendell, Senior Associate at MTech Capital, recently spoke to Insurance CIO Outlook about the importance of having a modern "tech stack" for the future-proofing of insurance organizations. His article breaks down what the state-of-the-art infrastructure is and why it is a commercial imperative for incumbent insurers to adopt modern tools in the long run.
It may take several years for startups to figure out unit economics at scale but make no mistake, insurtechs plan to “weaponize” their technology to challenge incumbents as their books mature and loss ratios normalize. With this in mind, it may be interesting to imagine how CIOs could build their technology infrastructure if they were starting from scratch today. What does the modern insurtech “tech stack” look like and what does this architecture enable for tech-forward insurance companies?