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Insurers Seeing InsureTech as Opportunity More than Threat, Says Novarica

Bill Sinn | September 12, 2018

As the wave of investment in InsureTech continues and innovative new startups propose disruptive offerings, 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: 150 Startup Profiles , research and advisory firm Novarica outlines the InsureTech landscape today and profiles more than 150 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, Senior Vice President of Research and Consulting and lead 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:

  • InsureTech is not the same thing as disruption. This industry (and the media) tend to link InsureTech and disruption-but rather than pose a threat to insurers, most InsureTechs provide opportunity.
  • InsureTech carriers and distributors focus on customer experience. With few exceptions, broker and carrier startups take advantage of the insurance industry's failure to build better interactions for consumers.
  • "Doing nothing" is always an option. With so much emerging technology and so many startups, all insurers must be intelligent when choosing where to focus their attention and-just as important-what to ignore.

A preview of the report is available online at  https://www.novarica.com/insuretech-for-insurers-150-startup-profiles/, and desk copies are available to qualified media. Please contact media@novarica.com or call Victoria Spitz at 617-897-1921 for more information. 


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