The Perils and Promise of Insurtechs
Funding is up for insurtechs, but the number of new entrants is declining.
Reinsurers are finding new routes to the customer, both through primary clients and by creating alternative brands.
Because of their legacy and sheer size, most insurers' cultures make it difficult to act with agility. The nimble, focused nature of insurtechs can help insurers' respond.
Faced with a new work environment and changed customer expectations, insurers have looked to insurtechs for capabilities such as large-scale text messaging and distributed document management.
For many insurers, the most important takeaway from dealing with insurers is exposure to faster-moving, adaptive cultures that embrace, rather than reject, change.
