Fintech Finance presents: The Insurtech Magazine 04

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COMMENTARY: COVID-19

Insurers need to innovate their way out of this crisis, writes Fintech Global, and startups are ready to meet the challenge. Pausing projects now won’t help anyone While the coronavirus is a huge challenge for all businesses, it could also prove to be an opportunity for insurtech startups. The insurance industry has famously been very slow to embrace new

technologies. However, the coronavirus crisis is forcing them to take a long, hard look at their own limitations, their legacy systems and infrastructure. Some believe it might be the nudge insurers need to look for new solutions – and for startups to provide them. Of course, that does not mean that the insurance industry has been void of innovation. Sector giants like Generali and AXA have launched several initiatives over the years to work more closely with technology startups in the sector. Nevertheless, the current coronavirus

crisis could encourage more of them to seek out new solutions. “The pandemic has already been a huge wake-up call for many large companies that have been slow to modernise,” observes Stephen Brittain, co-founder of Insurtech Gateway, the insurtech incubator and one of the European sector’s most active investors. It’s easy to see why insurers could be motivated to get out of their comfort zones. With countries across the world forced into lockdown to contain the contagion, shops have closed, travel

When the wave is high... just ride it

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TheInsurtechMagazine | Issue 4

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