October 3, 2018
How has/will IT change the basis of competition in the insurance industry?
We look at the emergence of Fintech within financial services as a good indicator as to how insurtech companies will impact the insurance ecosystem. While in both instances many startups initially tried to disrupt incumbents, partnerships ultimately created many of the most successful companies.
We believe as a whole, the relationships between all parties within the industry are integral and here to stay. That being said, the introduction of cutting edge technologies does put pressure on existing participants. This will eventually force innovation that improves the overall customer experience. There are many processes within insurance that can be advanced through the implementation of new technologies. Improving the purchase and servicing of policies, streamlining communication and creating new insurance products are areas we believe technology will have the greatest impact on.