Summary:Insurtech startups help insurance companies understanding operational costs Insurtechs have ability to innovate and adapt to the changing risk landscapeTraditional insurance business model is not designed to meet the demands of this new environment
(Re)insurers-carriers are increasing their investments in Insurtech startupsPartnerships between Incumbents and Insurtech startups are flourishing The report from Willis Towers Watson securities, Willis Re and CB Insights shows interesting statistics and graphs on the Insurtech sector
To follow the line of argument, that we define InsurTech by its purpose rather than its dictionary-style definition, let's just look in summary at how some of the features of FinTech have been playing out in insurance.
InsurTech is on everyone’s lips in the insurance world right now. Well, almost everyone’s. There are many in the industry for whom the word remains tendentious and ‘techie’. Insurance is certainly still a very traditional industry and eternally resistant to change, the world over.