What do InsurTechs really need? An open mindset

A similar homeowner’s product offered by 1,000 odd companies is not revolutionary. Providing a highly-accurate quote for your home in 15 seconds? That is revolutionary. (iStock)

Editor’s note: This column was submitted in response to the recent commentary, “Hey InsurTechs: Here’s why you will likely fail,” by Karlyn Carnahan, head of the Americas in the Property Causality division at Celent.

I recently read an article that stated reasons why most InsurTechs will likely fail. The author cites ‘lack of knowledge’ of insurance by both the startups and their investors, and ‘running out of cash’ among the leading causes for failure. This article — among countless others I have read, conferences I have attended, and conversations I’ve had — makes it clear that what is really needed is a shift in our collective mindsets.