More insurtech startups were launched in the last two years than in the previous 10. The brightest minds are developing new ideas and forging new paths in the insurance industry, but the reality is that significant change is a little further down the line.Education & Training
We need structural change long before the process of buying and selling insurance can adapt to the needs of modern consumers. This will take several years, maybe even a decade.
In my 30-plus years investing in fintech and insurtech and operating both digital and legacy insurance companies, I have seen first-hand the changes required to reduce costs and create better customer experiences in the industry.
Many people approach innovation with the goal of improving existing products or procedures. That’s a good start, but, in the digital world we live in today, it’s not enough.
Tweaking the product isn’t a significant change, and the process will be repeated within a year or two. Innovation requires duality: You must innovate for the needs of the business while innovating for the needs of the consumer.