Greenfields, Startups and Incubators … Innovation in Insurance
Significant capital investment in InsurTech for new insurance greenfield or startup companies is fueling massive innovation in products, services and business models and a new renaissance taking hold in insurance. Instead of transforming the insurance business using age-old assumptions and traditional business approaches, insurers are looking to reinvent the business model to operate and succeed in a new business paradigm, not unlike how Uber reinvented the taxi model.
Helping to fuel this are an array of new partnerships, accelerators, incubators and innovation labs within the industry and individual companies. They are creating “new” solutions, products, services and business models, de novo options – from the Latin expression meaning “from the beginning,” “afresh,” “anew,” “beginning again.” And the time is ripe to experiment and be part of the disruption unfolding, rather than being the disrupted.
What is quietly happening is that existing, traditional insurers are slowly but surely , investing into their own greenfield, start-ups and incubators to launch new companies and business models to reach new market segments and introduce new products and services … outside the traditional brand, distribution channels and business operations. It is an array of experimentation and de novo options happening within insurance companies to respond to these challenges … and opportunities. Read this Majesco Thought Leadership report to learn how to establish a de novo option leveraging a “platform solution” and seize the market opportunities unfolding today.