My proximity to the world of InsurTech/InsTech over the last several months has been both informative and encouraging.
What a lot of the new startups in this space are doing will probably not resonate particularly in the somewhat detached Wholesale and Reinsurance worlds, but Retail Insurers and Brokers will either be worried or enthused - depending on how willing they are to embrace this disruption.
The over-riding theme is customer engagement, and in this insightful article from insurancethoughtleadership.com they examine 6 key areas of opportunity for the industry.
The insurance-specific branch of FinTech, InsurTech, is emerging as a game-changing opportunity for insurers to innovate, improve the relevance of their offerings and grow. InsurTech, has seen funding in line with FinTech investment overall, and we expect investments to increase as new players and investors enter the space. ...activity around early-stage InsurTech companies has generated considerable buzz. Moreover, experienced insurance executives have joined start-ups, including InsureOn and Lemonade, to help them develop new types of products and services, like small business aggregators and peer-to-peer insurance models. All of this indicates that investors and the industry are eager to get on board with early stage start-ups...