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As InsureTech Wave Matures, Insurers See Partners More Than Competitors, Says Novarica

As the wave of investment in InsureTech continues and more of innovative new startups bring offerings to market, most insurers' initial fears are turning to curiosity. InsureTechs are increasingly seen as chances for insurers to partner, license technology, or to learn. In a new report, InsureTech for Insurers: 200 Startup Profiles, research and advisory firm Novarica outlines the InsureTech landscape today and profiles 200 startups, focusing on the relevance of each to incumbent insurers.

"Not every InsureTech startup will interest every insurer; not every insurer will decide to partner with or invest in InsureTech startups. However, every insurer should take stock of what is happening in the space and learn the lessons that will make their organization stronger," said Jeff Goldberg, Executive Vice President of Research and Consulting and co-author of Novarica's new report. "Across all lines of business and across all sizes, insurers will feel the impact as InsureTech startups shift customer expectations and point the way for more effective, insightful operations."

Key findings of the report include:

  • AI is everywhere. The space has seen a rise in insurance-specific conversation platforms, machine vision, and AI applied to predictive analytics for fraud detection, sentiment analysis, and book of business review.
  • Startups cover all parts of the industry. More startup founders are industry vets, which means companies are now beginning to tackle more complex coverages and back-end processes.
  • Startups previously positioned as competitors are becoming partners.  Many startup "carriers" are licensing their platforms to allow insurers to develop niche products and branch into new lines of business, though the effectiveness of this pivot is yet to be proven.

A preview of the report is available online at https://novarica.com/insuretech-for-insurers-200-startup-profiles/,  and desk copies are available to qualified media. Please contact media@novarica.com or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.

 


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