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Insurers Need to Understand ABCs of Insuretech: Novarica

Staff Writer | November 30, 2016

Insuretech is the buzzword of the moment, with billions of dollars of investment flowing into start-ups focusing on the sector. From the point of view of investors, anything that has to do with using technology in the insurance industry can be labeled insuretech.

Unfortunately, for incumbent insurers attempting to get a better grasp of the space, this broad term is not helpful. Novarica, a research and advisory firm focused on insurance technology strategy, today introduced its "ABCs of InsureTech" framework, available here http://novarica.com/abcs-of-insuretech, to help incumbent insurers cut through the noise and understand the real opportunities and threats in this heavily-hyped sector.

 

"Analytics Arms Dealers and Beneficial Bots have the potential to help insurers transform and compete, and are likely to have a greater impact on incumbent insurers in the short-term than the Digital Distributors and Creative Carriers, which get a disproportionate level of attention because they're the easiest for generalist investors to understand," says Matthew Josefowicz, President and CEO of Novarica. "On the other hand, Digital Distributors and Creative Carriers can provide useful examples of how to operate a digital insurer that will be copied by successful incumbents as they transform themselves over the coming years."


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The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.

ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.

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