While the insurance industry is well established and often perceived as slow moving, the insurtech space can move at a blistering pace. Radboud Vlaar, partner at Finch Capital, explores the shift he has seen in insurtech start-ups, and how it mirrors changes in ecosystem as a whole. Vlaar goes on to say:-

"The number of successful transformative plays have been limited to date, which is what you see reflected in the stagnating growth. One of the reasons is that due to insurance being more of a push instead of pull and a low usage product, unlike banking products, an enhanced user experience will not trigger significant switching. Price is the main thing that counts. It turns out to date that start-ups have found it difficult to realise significant price reductions vs the large-scale incumbents. Another issue is also that some of the transformative products (like offering rental insurance to replace the large upfront deposits) is often classified as proptech instead of insurtech"

Enabling insurers in the GI/P&C area is the key trend in this field and the key players like 360Globalnet and RightIndem are no longer start-ups but scale-ups. Their offering is complete, tackle the critical success initiatives vital for digital transformation and have the proof in the metrics measured at existing carriers.