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Technology

Insurtech ’20: Insurance firms must accelerate change

UnionBank Chairman Justo Ortiz at Insurtech '20
UnionBank Chairman Justo Ortiz emphasized the speed of disruption and innovation at Insurtech ’20

Insurtech involves not only using technology to innovate and survive amid disruption in the insurance industry. To effectively compete, companies must adopt a different mindset and embrace the speed of change.

“We are not just dealing with new ideas. We are dealing with the speed at which new ideas turn into old ideas,” said UnionBank of the Philippines​ and Fintech Philippines Association​ Chairman Justo Ortiz at Insurtech ‘20.

Financial institutions are risk-averse because they are in a highly-regulated industry. Since they are not used to speed, banks and insurance firms have to overcome a number of hurdles to innovation. Launching innovative projects could take six to nine months, Ortiz said. At which point, it may already be too late.

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