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.
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.
Insurtechs typically fall into one of three categories: distribution, risk-bearing carriers or focused service providers filling holes in the value chain.
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.
Insurtechs have attracted the attention of insurers, with some insurers content simply to observe.
