Discovery & Advancement are in Different Time Zones

Weekly Rant - Discovery & Advancement are in Different Timezones

Created by Chet Gladkowski at 09 Jul 2013 @ 21:45
Description

It's hard to believe that discovery takes place in one time zone and while usage and success are much later. In this rant we walk through different medical technologies and the long time from discovery to usage, and finally to success.

 

Insurance technology is the same. It took more than 15 years for automobile usage information to make it from the drawing board to underneath your dashboard.

 

How are we too far behind the technology curve? Or are we too far out in front?

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You are right Timothy. I remember listening to a preacher on the radio and he said, "We recognize all denominations. Fives, Tens and Twenties."
It is always about the "benjamins"
Right on Greg. Where is it written that we must rush "pell mell" into a new technology? I'll tell you where it's written; it's written in checkbooks all across this industry: software license, use and maintenance fees, consulting fees, sponsorship. webinars and ads in industry publications. It's written in the bottom line of companies other than insurance carriers and agencies.
Good point Chet, and sometimes the technology is just not ready, or not right (not a good fit) for the industry.
You are "spot on" Neil. In general, the vendor community jumps in with both feet, claiming "industry leading technology and capabilities" but they can barely spell the new technology, not having any hope of understanding it nor how to fundamentally enhance the insurance business function. They boast "We have it and no one else does" while they stumble and stammer to explain how to reduce costs, eliminate human activity. It really takes 2-to-3 generations of implementations to finally get it right.
Good observations and insights Samantha. It is true that the big direct writers spend a lot of money telling everyone what they are doing, there are a number of high quality regional carriers that are doing some very interesting and innovative things with technology. The good news is that some of this technology really does not "cost" all that much to acquire, the real cost is figuring out what to do/not do.
I expect the pace of adoption might increase as the market continues to demand more from everyone in the distribution channel. Vendors always jump to the new technologies but rarely get it right.
Interesting take on the insurance industry and technology adoption. I particularly agree on the dental records example. It is amazing to see how well the dentistry industry has adopted new technologies. I think P&C will continue to mostly lag, although the big direct writers seem to be accelerating things.
Title Discovery & Advancement are in Different Time Zones
Creator Chet Gladkowski
ML ID 12251
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Created 09 Jul 2013
Updated 01 Sep 2014
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