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Insurers and other financial institutions are becoming much more demanding about what they expect from technology companies pitching investment opportunities. (Shutterstock) Insurers and other financial institutions are becoming much more demanding about what they expect from technology companies pitching investment opportunities. (Shutterstock)

While InsurTech startups are far more likely to be friends than foes of established carriers these days, working together for their mutual benefit is often easier said than done, Deloitte’s latest research finds.

Interviews with those on the front lines forging a new, mutually beneficial fintech ecosystem reveal a host of challenges hindering cooperation between incumbent companies, such as insurers, and startups. The goal is to combine the best of both worlds—the technical know-how, transformative thinking, and entrepreneurial culture of InsurTechs with the industry expertise, capital, and brand power of long-time carriers. Yet realizing this vision often turns out to be quite complicated and even frustrating, to the detriment of both parties.

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