The insurance industry has not been historically known for innovation.
This may be an unfair characterization — insurers have in the past been at the forefront of leveraging technology and data to uncover insights about…well, mostly risk, but it was still innovative at the time.
And, while previous technology investments served insurers well for a long time, they have now become millstones around their proverbial necks — weighing them down as they try to deal with a rapidly shifting marketplace. This shift, driven from the outside-in, is a key reason for the emergence of InsurTech, which in turn is creating a wave of innovation in insurance.
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