Carrier-InsurTech relationships went through stages very similar to the bank-FinTech narrative. In an industry-defining statement, Andrew Rear, Chief Executive at Munich Re’s Digital Partners, shared a few years ago, “InsurTech is here to stay, and it will bring fundamental change to the insurance industry.”
“InsurTechs have emerged to offer simpler products and streamlined customer experience, catering to a growing generational shift toward millennials. While the InsurTech industry is still in its infancy, the sector is gaining momentum and garnering increased attention from venture capitalists (VC’s), as well as established insurers.” – The National Association of Insurance Commissioners (NAIC)
Indeed, over the course of InsurTech’s development and the accelerating pace of investments in the space, the startup ecosystem has considerably transformed consumer expectations on how insurance products should be built and delivered.
“The amplitude of the digital transformation happening in the insurance industry is widespread and encompasses all of the phases of the insurance value chain, from underwriting to claims,” Matteo Carbone emphasized in his article called* The Future of Insurance Is InsurTech*. “I’m convinced that insurance companies will still be relevant in the future, or will become even more relevant than they are now, but these companies will have to be InsurTechs or players who use technology as the main enablers for reaching their own strategic objectives.”
Appreciative of the change the technology behind InsurTech solutions can bring into one of the most complex industries globally, a series of partnerships have been formed between carriers, technology companies, InsurTech, and beyond. AXA + Ant Financial