How can one define an insurtech company? In 2016, when the term was hardly trending online, it usually denoted a tech firm aiming to disrupt the insurance market. The identical query returns almost three million results just a short time later. While the number of InsurTech services has skyrocketed, the exact nature of what constitutes InsurTech remains unclear.
That is because the objectives of InsurTech are dynamic. We’ve gone a long way from viewing InsurTech as a threat and disruptor. Changing customer behavior, new competitors, and the rapid pace of technical advancement were the top three concerns of industry leaders surveyed in PwC’s 22nd Annual Global CEO Survey. We’ve moved toward a more collaborative model as both new and established suppliers see the value in bringing their own technological strengths to bear on problems faced by their customers.
As it is, InsurTech is an ecosystem that unites related businesses to offer insurers and their clients a better service at a higher value. Industries such as healthcare, agriculture, cybersecurity, the sharing economy, wealth management, transportation, and many more are adjacent and very relevant.