AutoRek's Piers Williams on Catching Up in Insurtech - Exclusive Interview in 'The Insurtech Magazine'

AutoRek's Piers Williams on Catching Up in Insurtech - Exclusive Interview in 'The Insurtech Magazine'

In a recent interview with 'The Insurtech Magazine', AutoRek's Piers Williams shared his insights on the evolving Insurtech industry and the challenges faced by insurers in keeping pace with technological advancements.

Williams began by highlighting the significant growth and investment in Insurtech, particularly in areas such as AI, machine learning, and data analytics. He noted that while some insurers have embraced these technologies and are reaping the benefits, many others are lagging behind.

According to Williams, one of the key challenges faced by insurers is a lack of skilled talent. The Insurtech industry requires professionals with expertise in both insurance and technology, a combination that can be difficult to find. Additionally, insurers often struggle to adapt their legacy systems to accommodate new Insurtech solutions.

Williams further emphasized the importance of collaboration between insurers and Insurtech startups. He believes that by partnering with Insurtechs, insurers can gain access to new technologies and expertise without having to invest heavily in research and development.

In terms of catching up in Insurtech, Williams stressed the need for insurers to prioritize investment in technology, talent, and innovation. He also recommended that insurers focus on building a strong data foundation and using technology to improve customer experiences.

Williams concluded the interview by highlighting the benefits of Insurtech for the insurance industry. He noted that Insurtech can help insurers reduce costs, improve efficiency, and better serve customers.

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