June 19, 2018

A Journey to Digital Transformation: Collaborative Innovation in the US Insurance Industry

With the evolution of bank-FinTech narrative from competition to collaborative innovation, the insurance industry was bound to follow the steps, re-evaluating risk management frameworks in place, re-building customer experience, and overall, taking a fresh look at the insurance value chain to explore opportunities that technology companies offer. “InsurTech innovation is occurring across the entire insurance value chain – from distribution and marketing, product design, underwriting, claims management & balance sheet management, and across all lines of insurance – property and casualty, life and health. Distribution is the area of highest focus. InsurTechs are reaching new customers through new distribution mediums – addressing generational shifts in the way people communicate, access information and make decisions – while not disturbing traditional channels.” – NAIC In the past few years, more than 75% of funding deals in InsurTech have been led by traditional insurance incumbents. Such investments enable them to evaluate the capabilities…

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