When InsurTech startups first appeared on the scene, manyincumbent carriers may have seen them as existential threats. Butgiven time, panic attacks have generally given way to a more soberappreciation of how disruption can be leveraged to a particularcarrier's advantage via collaboration with the new kids on theblock.
Indeed, most insurers are working together with InsurTechs thesedays to capitalize on new applications, algorithms, and mobileapps, rather than worrying about being displaced by more innovativeoutsiders. That's why members of the legacy insurance industry wereable to mix so freely and easily with the expanding field ofInsurTech players at a recent conference in Las Vegas. Incumbentswanted to hear what their competitors are up to, see with their owneyes what kinds of solutions are available or on the drawing board,as well as meet face to face and talk deals with developers.
Digital age partnerships
Wandering through the exhibit area at InsurTech Connect, youcould find lots of shiny, new toys for insurers to play with, fromfacial analysis for accelerated life insurance underwriting, toartificial intelligence bringing virtual assistants to life, toblockchain applications backing smart contracts. But beyond theemergence of intriguing tech tools, my chief takeaway was that amore fundamental shift is underway that could alter the very natureof insurance. Tech companies may not displace legacy insurersanytime soon, as once was feared by some, but partnerships withInsurTechs will almost certainly be required if carriers are toreinvent how they do business so they remain relevant andcompetitive in an increasingly digital world.
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