By partnering with insurtech 2.0 incumbents can help invest in more productive assets without needing to worry about maintenance costs for low value, rote tasks. (Credit: Shutterstock.com) By partnering with insurtech 2.0 incumbents can help invest in more productive assets without needing to worry about maintenance costs for low value, rote tasks. (Credit: Shutterstock.com)

A few years ago, nearly every insurance conference hosted a panel or workshop about disruption, detailing why the industry was about to be completely reinvented by what would become called “insurtech 1.0.” Change was needed in our industry whether we liked it or not — an industry that had become infamous for its legacy systems and reluctance to adopt modern technologies. 

Alongside this concept, and particularly as public enthusiasm towards insurtech 1.0 grew, so too did the idea that to be successful insurtechs must be disruptive and competitive to be effective. As time would come to demonstrate (and as I think we now realize), this is not the case. 

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.