Every business today has legacy processes and systems and faces the dilemma on how they will adapt to the rapidly changing market dynamics that are driving the shift to the digital age. Insurance is no exception.
InsurTechs are embracing these dynamics and powering the shift through the significant capital flowing to new technology and start-up companies from MGAs and insurers. But is there a proper approach to digitization?
There is much discussion and debate on how InsurTechs will re-shape the insurance market. But the industry should not forget that this same disruption has also impacted other industries such as retail, media, travel, telecom and banking, where successful companies created new business models, technology solutions and more.
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