There is a large gap between insurers that plan to partner and those that actually have.

"68% of insurers say partnerships are critical, but only 32% are collaborating with ecosystem partners to provide value-added services." From Capgemini’s 2019 World InsurTech Report.

That can partly be explained by the length of time and money that it takes insurtechs to create, iterate and refine a total solution to compelling issues rather than a partial answer to an ill-defined problem. 

Complete products e.g. digital claims platforms from companies like 360Globalnet are not just eFNOL but rather end-to-end claims management solutions. 

  • Self-serve FNOL to settlement Auto through Home to Pets, Travel and Speciality claims and 
  • Optimal balance of automation and human engagement
  • Rapid settlement of bonafide claims
  • Fraud and Personal Injury Analytics and solutions
  • Supply Chain orchestration
  • No-code configuration for rapid iteration and  innovation

Technology vendors tend to underestimate the time it takes for large enterprises to scope issues, set strategies and find technology solutions and partners. Three years is not untypical. Progress is gradual and then sudden.

Evidence indicates that adoption and deployment of such solutions is moving into the "bowling alley" of the technology adoption life-cycle i.e. from early adopters to the early majority.

AXA's CEO recently explained-  "AXA Chief Exec Thomas Burbell clearly sees the big tech giants Amazon, Facebook, Google, Apple etc the competitive threat rather than Lemonade and other "disruptive" insurtechs.Parallels the themes expounded in "The future of insurance is happening without insurance firms" by The Economist."

Change is not imminent- it is here. Disruption is bubbling and not just from other insurers. I can see this in UK, mainland Europe, North America, APAC.

The time for POCs and tentative experiments has been replaced by insurers with clear vision, strategies, resourcing and partnership with proven, scalable and innovative technology partners.