Ok let’s hear it…. “InsurTech is not viable.” “Nobody is going to buy insurance digitally” “InsurTech will fail” “They don’t understand Insurance” etc etc etc.
Once again, it isn’t the “tech” it’s the “insure”. Insurance companies are the same no matter what propels them forward: tech platform, direct writer or independent. While the tech approach does save expenses (no agents, no underwriters, no large product teams, no extra layers of management) that all only adds up to a few points in cost. So, when you are a writer of large contractors, coastal homes and properties, or business auto fleets and you’re at 125% combined, InsurTech doesn’t mean a damn thing to you. P&C companies lose $ so frequently marrying their deal with more technology is great but just not a game changer. At least not yet anyway.
Ok let’s hear it…. “InsurTech is not viable.” “Nobody is going to buy insurance digitally” “InsurTech will fail” “They don’t understand Insurance” etc etc etc.
Once again, it isn’t the “tech” it’s the “insure”. Insurance companies are the same no matter what propels them forward: tech platform, direct writer or independent. While the tech approach does save expenses (no agents, no underwriters, no large product teams, no extra layers of management) that all only adds up to a few points in cost. So, when you are a writer of large contractors, coastal homes and properties, or business auto fleets and you’re at 125% combined, InsurTech doesn’t mean a damn thing to you. P&C companies lose $ so frequently marrying their deal with more technology is great but just not a game changer. At least not yet anyway.