There’s been a lot of speculation about how fintech companies might end up shoving aside many traditional insurers with new business models and more innovative customer engagements.
But while the industry may be ripe for disruption, I think we’re far more likely to see increasing carrier collaboration with — rather than displacement by — game-changing startups.
Indeed, many existing insurers are already financing, buying or at least working side-by-side with the new breed of InsurTech players, leveraging the inherent advantages incumbents enjoy and the benefits they can offer to disruptors. However, that doesn’t mean insurers can merely assimilate these newcomers into the status quo, as major changes in operations and corporate culture may be necessary to effectively develop and integrate InsurTech applications before the competition — legacy and emerging — beats them to the punch.
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