Finance and Tech Integration in InsurTech

Recording with Citi's Treasury and Trade Solutions / Insurance team this week opened my eyes to a big shift happening in financial services. Traditional insurance is getting squeezed by two forces: 1. New tech-enabled entrants (insurtechs, big tech players)   2. Customer expectations shaped by Amazon-level experiences Kamiel Bouw from Citi shared this insight: "Treasury really is a horizontal function — they need to engage with enterprise-wide digital transformation." What's fascinating: Insurance treasury functions are evolving from back-office settlement roles to innovation leaders across their organizations. The shift in payments: - Premium collections moving from checks to QR codes - Claims payments going from manual processes to instant digital transfers - Entire reconciliation workflows getting automated through virtual accounts Real example: Large UK P&C insurer streamlined processes across direct channels, agent channels, and broker channels using virtual account structures. Result: automated reconciliation, reduced risk, enhanced customer experience. The pattern I'm seeing: Industries we think of as "traditional" are often the most aggressive adopters of new payment technologies. Sometimes the biggest innovations happen in the least expected places. #insurance #payments #treasury #innovation #fintech

"Insurance doesn’t have a Technology problem; it has a technology ecosystem problem." Michael Witte, CEO of EqualParts, shared this sentiment today with me. I haven't been able to shake it. We're awash in insurtech solutions: AI for underwriting blockchain for claims IoT for risk assessment and on and on. Yet, the industry often feels like it's running on isolated islands, not a cohesive, powerful continent. We're not lacking innovation. We're lacking integration. Think about it: * Data silos prevent a 360-degree customer view. * Legacy systems resist modern APIs, hindering seamless workflows. * Point solutions fail to communicate, leading to duplicated effort and missed opportunities. The real challenge isn't building more tech. It's building the bridges that connect the tech we already have. What if: * Underwriting AI could instantly access real-time IoT data? * Claims processing could be automatically triggered by blockchain-verified events? * Customer portals could seamlessly integrate with personalized risk management tools? This isn't just about efficiency. It's about unlocking the true potential of insurance to provide proactive, personalized, and truly transformative value. Let's shift our focus from individual tech solutions to building a robust, interconnected ecosystem. Let's talk about APIs, data standards, and strategic partnerships. What are your thoughts? How can we move from fragmented tech to a truly integrated insurance ecosystem? InsurTech ATX + Husch Blackwell

Is your industry ready for the next tech wave? Insurance might not have a choice... Stablecoins, generative AI, risk management technologies... Innovation in financial services is entering a new era, and some players are already pulling ahead ! MunichRE has identified key technologies reshaping the insurance sector. From pricing models to claims management, every part of the value chain is being reimagined. Beyond just AI, its study highlights the real-world impact of these innovations, backed by field-tested insights. Stablecoins are solidifying their position and Simon Taylor argues that they could even become the foundational infrastructure of a new financial system. Faster, programmable, more efficient... in short, far more than just crypto tools. From hype to real-world use cases, Benedict Evans poses critical questions: what if Generative AI is the next big technological leap, just like smartphones once were? Which industries and functions are already experimenting with these tools? Can they leapfrog competitors by moving early? #insurance #insurtech #venturecapital

🚀 Is Insurance Accounting Ready for AI-Driven Transformation? 🚀 This week on Insurance Amplified, I had an insightful discussion with Evan Bogardus, EY’s Insurance Finance Transformation Leader, about why AI is reshaping insurance accounting—and why most organizations aren’t fully prepared for what’s next. 🔍 Why It Matters Insurance accounting has long been seen as a compliance function, but AI is turning it into a strategic driver of business intelligence. The shift from historical reporting to real-time, predictive insights is already happening. The question is: Are you ahead of the curve or falling behind? 💡 Key Takeaways from Our Conversation: ⚡ Insurance Accounting is More Than Just Debits & Credits "More than ever, accountants, actuaries, and technologists focus on the underlying detail—not just debits and credits." – Evan Bogardus New frameworks like LDTI, IFRS 17, and Solvency II have pushed finance teams to embrace real-time analysis instead of just compliance-driven reporting. ⚡ AI is Moving from Automation to Intelligence "The companies that win will be those that can see their total business emergence in real-time—understanding profitability as products and pricing evolve." – Evan Bogardus AI is already automating reconciliations and compliance, but its real power lies in predictive profitability, real-time risk assessment, and AI-driven decision-making. ⚡ The Biggest Challenge? Connecting AI Across Systems "Right now, AI is only going up the system’s vertical—it’s not yet flowing across systems." – Evan Bogardus Most insurers have isolated AI applications, but the real transformation happens when AI is integrated across underwriting, claims, and finance for enterprise-wide intelligence. 🗣💬 Favorite Quote: "If you haven’t built for the future, there’s no chance you will achieve it." – Evan Bogardus 🎧 Listen to the full conversation here: https://lnkd.in/e9iQRpze 💡 Sponsored by IRYS Insurtech, this season of Insurance Amplified explores how AI, real-time finance, and event-driven accounting are reshaping the industry. 🔌 Don’t just keep up—stay ahead. Subscribe to Insurance Amplified now! #InsuranceAmplified #AI #EventBasedAccounting #CFO #InsuranceInnovation #InsuranceUnplugged