AM BestTV at RIMS: Experts See Insurtechs as Enablers and Amazon as Potential Disruptor, Says Panel
OLDWICK, N.J.--(BUSINESS WIRE)--May 2, 2019--In this AM BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in Boston, MA, a panel of senior insurance leaders say the industry would be wise to think about where Amazon might enter the space, then figure out how to beat it there. Click on http://www.ambest.com/v.asp?v=ceopanel419 to view the entire program.
The panel spoke about the impact insurtech is having on the industry, as well as what the industry could learn from technology-driven companies like Amazon.
“Where I see more impact is in terms of the property/casualty business being more effective and efficient, using pretty simple robotics to prepare submissions to make sure that we can issue policies more quickly and more accurately,” said Lex Baugh, chief executive officer, North America General Insurance, American International Group, Inc.
“Take a look at Amazon, a $200 billion company, with earnings between $3.5 to $4 billion dollars per quarter, and a market capitalization of $1 trillion. You compare that kind of view of the world and business model to our industry and it is like night and day…..That is a force that I think could disrupt and change our business fundamentally,” said Kevin Kelley, vice chairman, Liberty Mutual.
Other people that appeared in this episode:
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SOURCE: AM Best
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PUB: 05/02/2019 10:35 AM/DISC: 05/02/2019 10:35 AM