The Perils and Promise of Insurtechs
For many insurers, it's easier to authorize a larger investment in an insurtech than it is to integrate its technology.
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.
Reinsurers are finding new routes to the customer, both through primary clients and by creating alternative brands.
Funding is up for insurtechs, but the number of new entrants is declining.
