2023 will be the year of compliance

Solutions that include baking regulatory changes into the system as soon as they happen will become highly integral to risk-reduction strategies. When compliance is built-in and automatic, it removes the risk, the questions, the “what-ifs” that some tech solutions leave on the table. (Credit: EtiAmmos/Shutterstock.com)

Are you tired of the word “disruption” yet? We definitely are. This past year has brought a much-needed shift in the way insurance technology companies are viewing themselves in relation to legacy insurers and agencies.

We’ve seen a transition from the idea that the industry needs to be turned on its head by technological innovations, to the premise that technology can enable insurance professionals to do what they’re best at while lightening the load on everything else. In other words, today’s insurtechs (the smart ones at least) view themselves as viable business partners, here to ease the pain points of a historically successful (though lower-tech) industry.