I've always been a little hesitant about the adoption of "fail fast" as a mantra for insurance incumbents looking at insurtech - especially within the London Market in and around EC3. While I get the philosophy and would prefer some risk taking to burying one's head in the sand, as per the statement below, we are insurance companies and we rely on trust and assurance as the basis for why companies and individuals buy our services.
As such, we should, nay MUST, be bold and engage with the technology trends that are changing just about everything. But we are not tech companies and what we offer are not apps or trendy bits of hardware. And as such we need to be careful exactly what we do and don't want to learn from the FAANGs of this world and the start-ups aiming to emulated them.
(FAANG in case you wonder is used to refer to Facebook, Amazon, Apple, Netflix and Google.)
But as Fed governor Lael Brainard said yesterday, “While ‘run fast and break things’ may be a popular mantra in the technology space, it is ill-suited to an arena that depends on trust and confidence.”
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