Great insight from Steve Evans of artemis, and an enjoyable read.
Up to now it has mainly been those InsurTech startups that focus on distribution that have received the most air-time, but of all those I have seen and/or mentored, I would argue that it is those which focus on operational efficiencies that have the most staying power.
Coming in to an administratively burdened sector with no legacy will allow a lot of new players to grab a slice of the pie, but as incumbents begin to take advantage of tech to reduce their burdens and get back their competitive edge, the customer will be the winner.
...mutualisation of risk through the use of advanced technology, insurtech, algorithms, machine learning etc., to enable advanced risk pooling techniques and perhaps even true peering of risks among members, could result in a mutual insurer model that directly accesses the capital markets for its reinsurance and risk capital requirements, thus raising the efficiency of the business model dramatically. Risk-based capital requirements can be a particular problem for the mutual insurance business model, making smaller mutuals or those with a narrow focus less competitive. Access to capital is therefore important and within this risk capital, such as reinsurance or from the capital markets is key to help mutuals increase their flexibility when meeting capital requirements.