Insurance isn’t easy. But, with its myriad of regulatory bodies, lines of business, outdated processes, and overly (or overtly) complex policy language, nobody said it was going to be. However, money talks, so interest in insurance from new players is high. Watching insurtech startups bend, flex, and pivot to handle the business pitfalls inherent to insurance could leave one wondering if the approach is worth it, however. Interestingly, as startups struggle with product-market fit, incumbent insurance organizations are those most worth watching. With changes necessary in order to compete and continue to control the industry, incumbent insurers are the new market upstarts who are plowing green fields, building robust APIs to integrate emerging technologies, and considering customer experience from a whole different point of view.
In his latest article featured in Digital Insurance, Euan offers his insights on how incumbent insurers are truly becoming disruptors:
In this article:
- The challenges facing incumbents including developing underwriting criteria and software solutions
- Building API’s
- Considering the customer