New technology savvy players are entering the insurance sector, bringing the full force of their innovative and disruptive power. They will alter the terrain on which incumbents compete, bringing changes not unlike those seen in banking with the emergence of fintechs.
Customer expectations of instant digital transactions sustained seamlessly across digital channels are increasingly the norm. “Insurtechs” are growing fast and stand to capture a meaningful share of value pools within a few years. How quickly incumbents adapt to these inexorable market changes will determine the size of their share in the next generation of the insurance industry.
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