"When I got my online homeowners quotes, the companies never asked me about my boat dock. Assuming they’re using state-of-the-art data resources like satellite imagery, something in their system should have told them that I live on a lake and have a $40,000 covered boat dock. They should also have access to information that tells them the dock is on Army Corps of Engineers property, not MY “residence premises.” As a result, they would have issued me a homeowners policy with a $40,000 gap for that exposure alone."

Bill Wilson writing in Insurance Thought Leadership.com  May 21st 2019 

To many insuretchs are full of technology innovators but precious little insurance industry expertise. Too many offer tools rather than solutions.

If insurance were a simple product then Amazon would indeed sell a wide portfolio of coverage alongside groceries, laptops, TVs and everything else.

It too would fall into the trap of ignoring vital information as Bill Wilson points out. As more and more full-stack insurtechs offer micro-services and pay-as-you-go insurance this will happen more and more. 

A thought-provoking article and one which shows the strength of incumbent insurers that collaborate with insurtechs to solve real problems with extensive solutions that reflect the complexity of insurance. 

Domain experience combined with technology; people that know the potential opportunities and threats. That apply potential problem analysis and are not blinded by the hype of technology innovators that ignore gaps in solutions. 

When you choose technology partners make sure they combine world class technology with insurance expertise. Insist on a partnership where you and they challenge each other and have clear and measurable vision, goals and strategy.

I will leave the last word to Wilson: 

"The industry needs disruption and can benefit greatly from technology, but not the kind being offered by most of the insurtechs I’ve looked at. Everyone knows the U.S. has a great need for rebuilding infrastructure. If we let the equivalent of insurtechs do it, they’d be rebuilding bridges with matchsticks."