Some InsurTech startups that built their own digital insurance platforms have struggled when faced with the necessity to re-create the functionality found in modern legacy systems. (Adobe Stock/ALM Media archives)
The thrall of InsurTech and the possibilities it presents for innovating customer experiences and products and supporting emerging business models has had a firm grip on the imaginations of P&C insurance industry players.
But now, we are seeing that InsurTechs are challenged by such an unwieldy task and cannot go it alone. They are part of an ecosystem. The industry needs something different than what's come before if it wants to fully enable a digital insurance ecosystem.
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