A great piece from Shefi Ben Hutta of Coverager which, amongst other things, discusses some of the shortcomings of #InsurTech innovators looking to enter the 300+ year old sector.
I have the benefit of meeting with lots of varied and interesting entrepreneurs who are seeking to revolutionise the insurance sector, and whilst their passion is infectious, it is also fair to say that most of them believe they have got the ultimate upgrade that will drag insurance in to the 21st century. We know they can't all be right, and for those seeking partnerships with incumbents or investment from VCs (or both), it is worth them understanding that those companies, 1. see lots of start ups and 2. don't want to make a mistake.
There is still a lot of work to do to actually produce a meaningful alternative to the incumbent market that can both scale and evolve as the needs of the customer change. Many startups offer one part of a potential panacea, and perhaps should look more towards partnerships with other startups that are addressing a different part, rather than approaching incumbents that are over-burdened with legacy and fear of failure...
Start with the customer Knip was launched in September 2013. A digital broker funded by venture capitalists from the US, Switzerland, Germany, and the Netherlands who believe(d) in its mobile-first insurance management strategy. The Knip app is a mobile insurance manager that allows policyholders to track their insurance policies, premiums, and benefits, complemented with Knip insurance experts that are there to advise users on their policies, which will hopefully lead to a BOR, which will hopefully lead to Knip earning a fee on its service. But hope is not a strategy and complementary is yet to be proven.