The rise of insurtech
January 2, 2019
January 2, 2019
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.
Insurtech is not a silver bullet—the real challenge for insurers is to become more innovative in their everyday business.
87%
of insurers agree technology is no longer advancing in a linear fashion, but rather at an exponential rate.
86%
of insurers believe Innovation must happen at an increasingly rapid pace to retain a competitive edge.
96%
of insurers think digital ecosystems are having an impact on the insurance industry.
For insurers
Learn how insurers can leverage insurtech as a catalyst for change.
Read more on the Accenture Insurance blogInsurance and bancassurance companies and insurtechs are invited to submit entries to these prestigious awards by April 24, 2019.
learn moreAccenture and Zurich Benelux have debuted a first-of-its-kind blockchain-based solution that helps customers manage surety bonds.
learn moreInsurtech deals increased 39 percent globally in 2017, with the total value of deals up 32 percent, to US$2.3billion.
learn moreAbout the Authors