But always remember 90% will fail so pick from the right 10%. Too many insurtechs making marginal differences so look for vision, strategy and compelling business case.
Follow link below to Dennis Gronger at Shadow Foundr- The Hub to see 4 more reasons.
The insurance industry is one of the last in which companies are still doing most of the value chain on their own. They are doing it with 25+ year old legacy systems and as a result are missing numerous opportunities. For instance, a typical European motor insurer needs to spend 99 cents of each $1 on claims. About a third of this sum are expenses for handling claims. Transforming this into a full digital process could reduce these claims-related expenses to at least 80 cents of each Dollar.
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