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Insurers slow to adopt insurtech could be courting risk

Other industries are being disrupted by new business models and new technologies, but the insurance industry has been slow to jump on the insurtech train. But that, says a new study, could put them at risk of being left behind.

By Marlene Y. Satter | Updated on February 15, 2018
While almost three in four insurance C-suite executives believe insurtechs are disrupting the industry, just 43 percent see this same disruptive effect on their own business. (Photo: Shutterstock)

Other industries are being disrupted by new business models and new technologies, but the insurance industry has been slow to jump on the insurtech train. But that, says a new study, could put them at risk of being left behind.

In its study and survey of C-suite executives from traditional insurers, insurtech leaders and venture capitalists, IBM finds that while in other sectors of the financial industry, such as traditional banking, established businesses “are increasingly looking to partner with, acquire or even provide seed funding for new fintech businesses,” the report says.

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