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Why partnership is the future of insurance industry growth

Incumbents vs. InsurTech: Pairing tech-related insurance startups with resource-rich incumbents can provide potentially disruptive, but essential, options the new insurance consumer.

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Given the challenges facing all insurers as marketplace disruptions persist, opportunities exist for insurance companies and InsurTech firms to work together. (Shutterstock) Given the challenges facing all insurers as marketplace disruptions persist, opportunities exist for insurance companies and InsurTech firms to work together. (Shutterstock)

A David vs. Goliath-type match is playing out today as traditional insurance providers face a growing number of emerging technology startups that fall under the “InsurTech” trade name. These businesses employ inventive digital technologies aimed at changing the current insurance industry model.

Most commentaries view this as a battle. But does it really need to be?

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