Many thanks to Insurance Times for making this post freely available - my thoughts on Reinsurers getting involved in the InsTech/InsurTech movement.
With the huge amount of coverage given to technological innovation and disruption in the insurance market, one question remains unasked; where do Reinsurers fit in? Before arguing the case for their involvement, I think it’s important to highlight an observation made by an experienced industry practitioner to me in 2015. New startups that develop innovative ways to address previously ignored problems, or create a market changing new product, have historically found it difficult to buy insurance. Insurers will look at this brand new process, fail to understand it, and struggle to offer a product that adequately responds to the needs of this business. Most will ultimately sit it out, waiting to see if someone else takes a punt first. What if that business then becomes the next Facebook?