"Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they're coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain. To realize the potential, it’s important that both sides focus on the strength they’re bringing to the table."
McKinsey & Company May 2019
In another recent report McKinsey emphasises that digital platforms are "de rigueur" as they can boost annual EBIT earnings by 10%
See "The right digital platform strategy".
This all suggests that the tipping point has arrived. Move now or become a follower and will be left behind. It is too late to build your own platform so a technology partnership is a priority.
For insuretchs it is also a tipping point. The time for experiment and first mover POCs is over. If you do not have a complete innovative solution that is scalable and proven ( e.g. processed millions of claims digitally) then you are probably too late and targeting too small a solution.
Look for an industry strength solution like that from 360Globalnet
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May 8, 2019Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they're coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain. To realize the potential, it’s important that both sides focus on the strength they’re bringing to the table.
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