The subject of InsurTech is one that I have discussed at length already this year, not least because of my own enthusiasm for the transformative change technology can bring to the insurance sector.
This discussion by Mike Fitzgerald, promoting collaboration/partnership with the businesses exploiting technology for the benefit of the customer, and the insurance industry, really resonates with me.
When judging recently at the Insurance IoT Europe awards, I focused a lot on whether the nominees were seeking to just enter the market and take a slice of the already over-eaten pie, or whether they had what I felt was a more longterm outlook, that included collaboration with existing incumbents. It was those innovations that incorporated the latter that got my vote.
I believe that partnerships between insurers, intermediaries, services companies, tech firms, and all others with an interest in the sector is the only way the market can thrive in an interconnected world.
There is much discussion in the press and at conferences about insurance incumbents and the disruption that is coming their way. A close examination of what is actually going on reveals that what is being labelled disruption is actually partnership.