Insurance used to be straightforward. Risks were predictable, policies were consistent, and underwriters could lean on decades of historical data to guide their decisions. Those days are over. Joe Zuk, operating partner at Altamont Capital Partners, has seen the industry scramble to adapt to changes that now unfold almost overnight. With over 20 years of experience across multiple roles, he has a clear perspective on why many insurance enterprises continue to be caught off guard.
Navigating Change from the Inside
Zuk never set out to become the voice of digital transformation. His career path through the insurance world took him from underwriting desks to boardrooms, giving him a front-row seat to how the industry truly operates. “Over the past 20 years, I’ve been an underwriter, reinsurance broker, insurance services operator, M&A professional, and strategic advisor within the insurance industry,” he explains. Today, he spends most of his time working with mid-market portfolio companies and early-stage companies to help them determine their next steps.
That wide range of experience gives him a rare perspective. When you’ve handled claims, issued policies, negotiated reinsurance contracts, and sat through acquisition meetings, you view challenges from a different angle. “Today, my work revolves around helping companies navigate their digital transformation and scale effectively in a rapidly evolving market,” Zuk notes. It’s easy to talk about transformation from the outside. It’s much harder to roll up your sleeves and make it happen.
Pricing What Didn’t Exist Before
Here’s what keeps insurance executives up at night: how do you put a price on something that didn’t even exist five years ago? Companies are now built on data and algorithms, but insurance models are still trying to catch up. “As businesses transition to digital operations, intangible assets such as data, algorithms, and digital platforms are becoming increasingly valuable. Yet our insurance models haven’t fully adapted,” Zuk points out.
The old methods of assessing risk fall short when a company’s most valuable assets exist only as lines of code. Traditional underwriting was designed for buildings, equipment, and decades of historical loss data. But what happens when the key asset is a proprietary algorithm that took years to build? “Underwriting these new risks requires fresh thinking and advanced data tools. That’s why I strongly advocate leveraging AI and predictive analytics,” he explains. It’s not just about working faster. It’s about identifying risks that no one else has even considered yet.
Addressing Cyber in Every Line
Remember when cyber insurance was treated as a standalone policy? That’s no longer the case. Today, cyber risk permeates every policy and claim, whether companies plan for it or not. “Cyber risk is no longer confined to specialized cyber policies. It now touches nearly every business line and every element of our lives,” Zuk explains. A ransomware attack doesn’t just cripple an IT department; it can halt manufacturing, disrupt supply chains, and leave customers stranded. The scope of these threats continues to expand. “From ransomware attacks to cloud failures, systemic threats are on the rise,” he notes. When Amazon Web Services goes down, it’s not just Amazon’s problem. Thousands of companies suddenly can’t operate, and someone must determine who pays for what. Zuk believes this is an opportunity for forward-thinking companies. “We need insurance solutions that are more flexible and responsive to our needs. Underwriters also require real-time threat intelligence tools.”
Fixing the Tech Lag in Insurance
The biggest risk facing insurance companies might be their own actions. While other industries advance with cutting-edge technology, many insurers stay tied to outdated systems that should have been retired years ago. “Technology advances rapidly while insurance often lags. This mismatch creates serious execution risks,” Zuk warns. It’s evident everywhere, from customer service that feels decades behind to claims processes that take too long.
Companies that fail to modernize not only miss opportunities but also push customers away. “Insurers who don’t modernize their technology platforms, whether it’s claims processing or customer experiences, risk falling behind not only in the industry, but with their customers as well,” he points out. But simply throwing money at new software is not the answer. “The solution isn’t just purchasing new software. It involves aligning your people, processes, and technology to drive sustainable digital transformation.”
The insurance industry has long focused on managing uncertainty, but the current pace of change makes that task more challenging than ever. Companies that adapt quickly will succeed. Those that don’t will see their business vanish. “By embracing data-driven strategies, investing in innovation, and reevaluating our approach to underwriting and service delivery, we can stay ahead as an industry,” Zuk concludes. The companies that understand this won’t just survive, they’ll be the ones setting the rules for everyone else.
Follow Joe Zuk on LinkedIn for practical insights on digital transformation in insurance.
