Globally, InsurTech investment totalled US$1.7bn in 2016, with both the volume and value of deals having roughly doubled since 2014. InsurTech has become a worldwide phenomenon, but this wave of startup-driven innovation is putting traditional insurers’ approaches to technology and change under the spotlight. Most insurers view InsurTech as more of an opportunity than a threat, but collaboration between old and new is not always straightforward; the differences in approach between a 300-year-old insurer and a 300-day-old InsurTech may be stark.
This report analyses the latest global InsurTech trends, and discusses the cultural and technological challenges InsurTechs and traditional insurers commonly face when partnering with one another. If they can get this collaboration right, then the size of the prize – for startups, insurers, and indeed the customer – will be huge.
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