Insurers are facing increasing pressure to evolve and reinvent themselves before disruption, caused by emerging technology and insurance startups, hits the bottom line.
Due to the perception that existing competitors pose the greatest risk of disruption in insurance, insurers are increasingly recognizing that insurtech (insurance technology) ultimately represents more of an opportunity than a threat.
How will traditional insurers, some of which are more than 300 years old, collaborate with insurtechs that may be less than 300 days old? There can be significant challenges to overcome regarding differences in culture, workforce, agility and technology. Insurers and startups will need to change their mindset and approach to extract maximum value from working together.