"There is much more of a focus on measurable results, rather than backing intriguing ideas with uncertain outcomes."

Sam J Friedman (Deloitte) in Property Casualty360 

Rather than cool ideas or small components of the claims value chain insurers need complete answers that combine:-

  1. Digital Claims platforms for all the claims value chain
  2. Orchestration of all participants in settling/closing a claim
  3. Supply chain integration
  4. Innovative services

How many insurtechs can deliver that? And if you go to the incumbent suppliers can the insurer afford $millions  to hundreds of millions dollars  upfront and heavy annual maintenance costs? Not to mention armies of developers and consultants for planning, implementation and deployment! 

The market and the industry is at a seismic tipping point following other digitally transformed  industries which enjoy the benefit of agile apps with lower subscription pricing.

The sign of a maturing insurtech is to answer yes to: 

  • Could I deploy a full-production digital claims project customised to our perils in weeks?
  • Can this include all channels- agents, the website and/or embedded in app?
  • Can the customer use self-service claims FNOL and engagement from any device?
  • Switching from one to the other without getting out of sequence?
  • Can we orchestrate internal teams like fraud and external suppliers & partners?
  • Can we do so without having to replace our core systems until we are ready and can afford to write-off the assets?
  • Can we pay-as-you-go at a fixed rate per claim however long and complex?

Say yes to those and you've found both a mature and innovative technology partner.