The insurtech landscape has been a whirlwind of activity in the past few years. Phase one of the insurtech evolution saw technology trailblazers sweep into the insurance industry en masse trying to capitalize on points where customer friction and large profit pools intersect. Lots of first-wave insurtech innovation was based around insurance distribution and was focused through the lens of customer needs and expectations.
“We’re now entering insurtech phase 2.0,” according to Mukul Ahuja, AI strategy leader for financial services, Deloitte. “Insurance organizations are starting to get a better understanding of what insurtech is and the value it can add. They’re seeing it less as a disruptor and more as an opportunity to tap into the great ideas that have come into the insurance ecosystem and to find meaningful opportunities to partner and collaborate.”
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