Incumbent Insurers and InsurTech, Part 1: Partners in Time
The past 36 months in insurance make an excellent case study for university classrooms. How did InsurTech startups first threaten the insurance industry, then inspire the insurance industry and now end up as mentors, students and partners with the insurance industry? (For an overview of the InsurTech timeline, see last week’s blog.) The study is particularly fascinating if we consider how technologically-savvy most insurers were to begin with. Given time, without an influx of outside InsurTech influence, incumbent insurers would undoubtedly have reached many of the same business and technology changes and advancements that were brought about by InsurTech outside thinking, development and investment. But new digital businesses, digital technologies and digitally-savvy customers created a time-warp — where digital dreams needed to become today’s realities … overnight.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services