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The Rise of InsurTech

How young insurance startups and a mature industry can bring out the best in one another


Insurers are facing increasing pressure to evolve and reinvent themselves before disruption, caused by emerging technology and insurance startups, hits the bottom line.

Despite the perception that existing competitors pose the greatest risk of disruption in insurance, insurers are increasingly recognizing that InsurTech ultimately represents more of an opportunity than a threat.

How will traditional insurers, some of which are more than 300 years old, collaborate with InsurTechs that may be less than 300 days old? There can be significant challenges to overcome regarding differences in culture, workforce, agility and technology. Insurers and startups will need to change their mindset and approach to extract maximum value from working together.


"InsurTech is not a silver bullet—the real challenge for insurers is to become more innovative in their everyday business."

Insurers are facing disruption and need to evolve quickly.

Data from Accenture’s Technology Vision for Insurance 2017

87% of insurers agree that technology is no longer advancing in a linear fashion, but rather at an exponential rate


For InsurTechs

  • Understand the market and the challenge you are solving for.

  • Ensure that your proposition is clear, concise and related to that specific challenge or business problem.

  • Consider the broader insurance industry—not just the personal non-life space.

  • Be patient, and support traditional insurers on their cultural and technological journeys.

  • Determine where the solution and business boundaries sit.

  • Adopt a flexible partnering approach, and consider forming broader ecosystems.

For Insurers

  • Develop your overall innovation agenda—and then determine where InsurTech sits within it.

  • Embrace innovation as part of your everyday business, across your whole organization.

  • Promote the right corporate culture to foster innovation, driven from the C-suite down, with incentives linked to new roles and capabilities.

  • Draw inspiration and learning from retail banks’ FinTech journeys, and from their ability to look beyond the FS space.

  • Do not feel threatened by startups whose cultures or working practices seem radically different to your own.



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