The Perils and Promise of Insurtechs
Insurtechs have attracted the attention of insurers, with some insurers content simply to observe.
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.
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.
For many insurers, the most important takeaway from dealing with insurers is exposure to faster-moving, adaptive cultures that embrace, rather than reject, change.
Funding is up for insurtechs, but the number of new entrants is declining.
