Reinsurers will overcome insurtech threat
Friday, 04 13 2018, Category: Insurance and Reinsurance, Country: World
CEOs of major reinsurance firms believe that while the digitalisation of insurance and the current technology wave is something they have to embrace, they can successfully fend off the threat from digital-only InsurTech start-ups.
Insurance and reinsurance is an industry that has been besieged by tech start-ups in recent years, once Silicon Valley and the global venture capital community became all too aware of the need for modernisation, efficiency and the opportunity for technology to become an enabler for the risk transfer process.
Everyone is aware that re/insurance is a sector stuck in its ways. Dominated by long-standing legacy players, with paper-heavy processes and relationship-driven (between market participants) business models that often neglected the ultimate buyer of risk transfer.