In today’s rapidly evolving digital landscape, the insurance industry faces constant pressure to adapt. Many technology providers and “tech enablers” insist that if insurers don’t immediately shift to digital, they risk becoming obsolete. They often present solutions as “must-haves,” dictating a path forward that doesn’t always align with the unique needs and strategies of insurance companies.
But let’s take a step back and rethink this approach.
As an insurer, you possess deep industry knowledge that only comes from years of experience and insight into customer behaviour, regulatory demands, and risk management. You know what works and what doesn’t within your organisation. No external party, no matter how digitally savvy, can fully understand the intricacies of your business like you do.
Technology Should Be Your Toolbox, Not Your Dictator
What if technology wasn’t about “adopting or dying”? What if it was about providing you with a toolbox—a set of solutions that you can pick and choose from, based on what works best for you? The role of technology should be to empower, not dictate. It should be flexible enough to adapt to your needs, not the other way around.
A true partnership between insurers and tech providers should focus on building a comprehensive, adaptable toolbox. When you open that toolbox, you should find the right tools for your business at the right time, allowing you to operate in a way that aligns with your core values, vision, and expertise.
What Happens When You Don’t Have the Right Tool?
Here’s the reality: technology isn’t one-size-fits-all. There will be moments when you can’t find the perfect solution for your unique challenge. In these instances, your technology partner should be ready to listen, understand, and customise tools specifically for your needs. They should be agile and committed enough to adapt the toolbox to serve you, not just push solutions that may not fit.
This flexibility is key. Insurers don’t need a rigid roadmap imposed by digital experts who aren’t familiar with the nuances of the industry. Instead, you need partners who are willing to collaborate, adjust, and create custom solutions that align with your business’s evolving requirements.
The Power of Collaboration
The insurers who will thrive are those who seek technology partners that are willing to co-create solutions tailored to their specific needs. By leveraging your internal expertise and blending it with the right technology solutions, you can build a powerful strategy that delivers true value without compromising your brand’s identity or vision.
The Bottom Line
You shouldn’t feel pressured to adopt technology simply because someone says, “Go digital or perish.” Instead, view technology as an evolving toolbox designed to support your operations and growth. Choose partners who respect your expertise and offer the flexibility to build the tools you need when you need them. This way, your organisation can be digitally enabled on your own terms, not dictated by trends or external pressure.
Remember, technology should serve you—not the other way around.
