This graphic above provided by Willis Towers Watson is from the firm's Q2 2020 InsurTech Briefing and illustrates quarterly InsurTech funding volume. This graphic above is from Willis Towers Watson’s Q2 2020 InsurTech Briefing and illustrates quarterly InsurTech funding volume. (Provided for publication by Willis Towers Watson)

The 2008 financial crisis forced the banking industry to reduce costs and improve the transparency of its regulatory submissions by applying the latest advancements in digital technology. The insurance industry has not had the same external market pressure but has been closely watching these advancements.

The rise of fintech and InsurTech startups along with efforts by major digital vendors now mean that doing nothing is no longer an option for banks that wanted to keep their customer base and avoid being disintermediated by new entrants.

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