The Perils and Promise of Insurtechs
Insurtechs have attracted the attention of insurers, with some insurers content simply to observe.
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.
Reinsurers are finding new routes to the customer, both through primary clients and by creating alternative brands.
For many insurers, the most important takeaway from dealing with insurers is exposure to faster-moving, adaptive cultures that embrace, rather than reject, change.
