"Insurers are increasingly finding themselves disintermediated by other players in the direct relationships with their end customers. If they continue to accept this as the status quo, insurers risk perpetuating their role as a commodity risk manager and capacity provider, operating increasingly in the background. This is clearly not a sustainable position. Insurers must find a way to move onto the front foot, and reinvigorate their growth."
Max Richter Insurance Post April 19th 2019
The very topic I discuss in "Tesla, New Insurance Products and Ecosystems" and Nigel Walsh in "We may have lots of InsurTech Ingredients, but we really just want cake!"
Big questions asked on vision, strategy and the place of insurance in evolving ecosystems
Of course, that’s no easy task alongside keeping business as usual running at the same time. But insurers that maintain a strictly internal focus risk not only losing out on the opportunities that open insurance presents, but also finding themselves relegated to commodity services with fewer and fewer ways to connect directly to customers.