The Perils and Promise of Insurtechs
For many insurers, the most important takeaway from dealing with insurers is exposure to faster-moving, adaptive cultures that embrace, rather than reject, change.
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 typically fall into one of three categories: distribution, risk-bearing carriers or focused service providers filling holes in the value chain.
For some insurers, working with insurtechs allows them to pursue innovation without disrupting core operations.
For many insurers, it's easier to authorize a larger investment in an insurtech than it is to integrate its technology.
