InsurTechs see themselves as allies of the industry to re-imagine the insurance customer experience through technology-driven partnerships and ecosystems.
A new report from a global provider of cloud insurance platform software for insurance business transformation provides an inside look into how leaders from InsurTechs, insurers, Managing General Agents ("MGAs") and solution providers see the opportunities and challenges in moving insurance innovation forward, particularly around their investments and ability to partner with incumbent insurers.
Two distinct InsurTech segments details in the report are the Insurer/MGAs, who focus on the entire insurance value chain, and Solution Providers, those providing specialized solutions or services for specific areas of the value chain.
A key finding from the report is the importance that both segments place on partnerships and ecosystems (although with slightly different emphases): InsurTech Insurer/MGAs have higher involvement with other industry segments and Reinsurers, while Solution Providers are significantly more engaged with incumbent insurers and other InsurTechs. The involvement with other industry segments is an area that most incumbent insurers are not focused on and could place them at a competitive disadvantage.
To succeed in a new digital era of insurance, incumbent insurers must aggressively begin to define their vision and path to Digital Insurance 2.0, leveraging the ideas and innovations of the InsurTech universe to reinvent their business model, products and services for a new era of insurance.
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