"Just a little time left: Incumbents need to dramatically modernize – or Amazon will crush them
Before the market entry of Amazon, the situation for incumbents was quite comfortable. They were of the mind that it would have taken at least several more years for some serious disruption to occur. Now the time slot to act has become much shorter.
If insurers are not willing to sacrifice large parts of their market share, they need to act now. In my opinion, there is no choice but to radically transform your business and organization into a data-driven, customer-centric tech company. As a first step, true experts of this digital transformation need to be given responsibility at board level. The whole organization needs to be radically transformed. Outdated and costly legacy systems need to be torn down. Thousands of young, tech-driven, agile experts need to inhabit the marble halls. Digital leaders must be given responsibility in order to save the industry under attack"
Dr Robin Kiera InsurTech News 13 Dec 2017
Also read: "Do you have the right innovation skills in the boardroom?"
Rumors say that Amazon has more recruiters dedicated to hiring insurance and tech experts for their London office alone than most multi-billion EUR insurers have dedicated resources in their innovation department, if they have one at all. Some say – with no independent confirmation – that Amazon is hiring over 100 people for their new London insurance department. To put it into perspective: the most disruptive insurtech company, Lemonade, started with only a few employees and a Seed-Funding of 3.6 Mio USD. Amazon is massive, and it's currently aiming at the UK, Germany, France, Spain and Italy – the largest markets in Europe with a lot more capital in the background and a successful tech organization that already disrupted several industries.
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