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LAS VEGAS — Insurers risk losing competitiveness if they do not participate in the digital revolution, according to speakers on a panel at the InsureTech Connect Conference in Las Vegas on Tuesday.
The insurance and technology sectors should work together, the speakers said.
“The insurance industry can benefit greatly from the knowledge and experience and skill set the technology sector has, and the insurtech space can also benefit from the knowledge and experience of insurance,” said Pina Albo, CEO of Hamilton Insurance Group Ltd., Hamilton Bermuda.
Some progress has been made, however.
“The cost of technology has started to come down,” beginning about five years ago, said Mark Watson III, CEO of Argo Group International Holdings Ltd. in New York. “The availability of technology and data has grown exponentially.”
Ms. Albo emphasized the need for change.
“Our industry has to digitalize,” she said. “It has to happen.”
“The next generation is much more comfortable buying things digitally,” said Mr. Watson. “If we don’t have the digital solution, we’re probably going to be left behind.”