The Digital Giants are the disruptive competitors to traditional banks rather than the fintech innovators that are merely a means to an end; Digital, organisational and cultural transformation.
Insurers should not ignore that either.
"See "Which digital giant will disrupt you?"
"Banks that successfully orchestrate a basic ecosystem strategy, by building partnerships and monetizing data, could raise their ROE to about 9% to 10%. Banks that can go further and create their own platforms might capture a small share of some nonbanking markets, which would elevate their ROE to about 14% — far above the current industry average." Source McKinsey
Same can be said for insurers
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