While disruption might have been the buzzword of past ITC conferences, insurtechs are now focused on harmonization with incumbents to enable digital advances across the insurance ecosystems.
Driving some of this shift is the sheer complexity of insurance issues and the industry's conservative approach, according to Cihan Biyikoglu, executive vice president of products for Risk Management Solutions, Inc. (RMS).
"If you look at the more successful examples of insurtechs there is more of a collaborative approach, as opposed to 'well, I'll single-handedly disrupt this industry," Biyikoglu told PropertyCasualty360.com. "Risk, by its nature, is too complex and super connected for a single entity to know everything about it."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
