Insurers destined to be joined at the hip with InsurTechs

Now most insurers are working together with InsurTechs to capitalize on new applications, algorithms and mobile apps. (Photo: Shutterstock)

When InsurTech startups first appeared on the scene, many incumbent carriers may have seen them as existential threats. But given time, panic attacks have generally given way to a more sober appreciation of how disruption can be leveraged to a particular carrier’s advantage via collaboration with the new kids on the block.

Indeed, most insurers are working together with InsurTechs these days to capitalize on new applications, algorithms, and mobile apps, rather than worrying about being displaced by more innovative outsiders. That’s why members of the legacy insurance industry were able to mix so freely and easily with the expanding field of InsurTech players at a recent conference in Las Vegas. Incumbents wanted to hear what their competitors are up to, see with their own eyes what kinds of solutions are available or on the drawing board, as well as meet face to face and talk deals with developers.