TRANSFORMATION: BUILDING AN ECOSYSTEM
The Flash, The Hulk and Elastigirl... insurance heroes assemble! superh In the ever-growing insurance universe, insurtechs and insurers are sizing each other up and seeking the relationships that will help them to future-proof their organisations. In this shifting landscape, James Tall asks: who are the heroes, who are the underdogs and who can bring them together? The insurance industry has typically been served by fragmented processes, driven by its legacy systems. But in the last few years, like many other sectors, it’s become more motivated to make use of the latest technology to improve operations and enhance underwriting, pricing and loss control capabilities. Whether it’s machine learning, robotic process automation (RPA) or data aggregation and analytics, the bold rise of insurtech has heralded technological innovations designed to squeeze out cost efficiencies from the incumbent model. The world’s investors are paying increasingly close attention to a sector that’s reshaping itself. Global venture capital investment in insurtech grew from $1.8billion in 2016 to $10.5billion in the first three quarters of 2021 alone. But in this new world order, what are the respective roles of insurtech and legacy providers? In an ever-expanding insurance universe, what does each protagonist really offer? There are a lot of heavy hitters on display, but whose team is everyone really on? One organisation that’s well-placed to offer the answers is EIS, a digital platform provider for insurers. The company
What’s your superpower? Incumbents, insurtechs and facilitators together are an awesome team
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TheInsurtechMagazine | Issue 7
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