InsurTech: How 300-day-old startups and 300-year-old insurers can bring out the best in one another
In my previous two blogs I examined some specific technologies and topics (like IoT and Analytics, or P2P Insurance) from an InsurTech perspective. But today I’m going to focus on something of fundamental relevance to the whole InsurTech space: how startups and insurers can learn to collaborate more effectively – and reap the mutual benefits. 86% of insurers (globally) believe they must innovate at an increasingly rapid pace simply to retain a competitive edge, according to Accenture’s Insurance Technology Vision 2017 report. Whilst some of that disruptive pressure is undeniably coming from InsurTechs, most traditional insurers still perceive their existing competitors as posing the greatest risk of disruption. And so there’s a growing recognition among insurers that the InsurTech movement represents more of an opportunity than a threat, and that they should be working more closely with these technology-driven startups.