Reconnecting insurers with their customers whilst simultaneously boosting the bottom line
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PwC’s 3 year relationship with the InsurTech Start-up Boot camp accelerator programme has given us a fantastic understanding of the market. With the ecosystem maturing, the stage is set for InsurTech to begin delivering significant value, which has the potential to change insurance for the greater good of both customers and the industry as a whole. InsurTech has opened a fantastic window of opportunity.
“InsurTechs become business as usual, The benefits brought by InsurTechs (the ability to do new things in new ways) explains why so many incumbent insurers are now partnering with startups across the breadth of the value chain.”
Insurance technology (InsurTech) is a burgeoning phenomenon that has the potential to help the insurance industry reconnect with its customers following a period of increasing alienation and disengagement. Not only does InsurTech offer the insurance industry huge commercial potential, it can also help insurers reaffirm their purpose in society - to protect and support policyholders.
Whilst some insurers are fearful of rising competition, PwC and Startupbootcamp consider InsurTech start-ups to be important players in a broader ecosystem that includes corporates, venture capital investors, accelerators, consultants and others. Some new players pose a threat to established insurers, but the majority are enablers, rather than disruptors – that is, they will complement incumbents’ offerings rather than replace them.
The opportunity exists to improve insurance for the greater good while innovating for commercial gain, but this will require effective collaboration amongst all players across the InsurTech ecosystem.
From our unique positions at the heart of the InsurTech ecosystem we have analysed over 1,300 Startupbootcamp insurance focused start-ups to explore how that ecosystem has developed so far, the key trends now shaping the InsurTech environment, and how existing insurers and start-ups can work together, overcoming key challenges and grasping emerging opportunities. You can find out more in our latest PwC and Startupbootcamp InsurTech report "InsurTech: A force for good."