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InsurTech Center

Commentary

Grow smarter: How disruption in insurtech impedes growth

Focusing on collaboration, rather than disruption, will be the path forward for insurtechs.

By John Horneff | March 07, 2023 at 12:29 AM
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. 

 

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