• Unlike many other areas of financial services, the insurance industry to-date has not been substantially disrupted by new technology and game-changing business models. However, the industry now appears to be at a key inflection point as many different constituents in the FinTech ecosystem have their sights squarely set on insurance as the next great opportunity.
• To this end, FT Partners is seeing a proliferation of Insurance Tech startups targeting all areas of the multi-trillion dollar global industry. Some innovators are targeting the biggest opportunity by creating entirely new insurance carriers, some are creating new digital tools aimed at helping consumers better understand and become more involved with their insurance policies, while still others are looking to enhance and digitize the operations of the existing insurance ecosystem.
• New technologies are poised to shake up the industry like never before. For example, the recently developed concepts of the “connected home,” “connected car” and even the “connected self” (or, collectively, the Internet of Things) all have huge implications across the insurance value chain.
• While the pace of innovation in insurance is accelerating rapidly, this is still a complex, highly regulated industry with outdated, but entrenched processes. The industry won’t change overnight, and the incumbents certainly do not have their “heads in the sand”. Many traditional carriers are embracing the pending changes by starting ventures arms, partnering with startups and generally staying close to the potential opportunities and threats that innovation will bring in the coming years. |
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