’The penetration gap is growing as we don’t have enough capital as an industry,’ says group vice presidentGuidewire’s latest partnership will look at helping the insurance industry grow faster at a time when there is a lack of capital. That was according to the insurtech’s group vice president of sales Charles Clarke, who told Insurance Times that the global economy was now growing faster than the insurance industry. Clarke said that the move came as the insurance industry ”is not growing as fast as it needs to grow”. ”In fact, the global economy is growing faster than the insurance industry, so the penetration gap is growing as we don’t have enough capital as an industry,” he added. InterconnectivityIn a bid to help change this, Guidewire’s new partnership will look to build a more interconnected insurance industry through the use of technology.

Source: The Times November 20, 2023 10:18 UTC