The Way Forward

For both insurers and InsurTech firms, collaboration will be vital to developing the necessary capabilities and traits critical for long-term business sustainability as industry dynamics change and new ecosystem models come into play.

Strategic collaboration takes on renewed importance now as insurance industry dynamics change

BigTech firms are making inroads into insurance, especially when it comes to capabilities in healthcare, analytics, and IoT. Other players, including automobile manufacturers, retailers, and telecom service providers, are also making their presence known within the insurance value chain, particularly in insurance distribution. More than half of insurers surveyed for the World InsurTech Report 2018 perceived potential for competition from BigTech firms and almost 60% said they thought auto manufacturers could become potential competitors.

World InsurTech Report 2018

The World InsurTech Report 2018 from Capgemini and Efma explores the impact of InsurTech firms and suggests how to forge a strategic collaboration between incumbent insurers and appropriately-paired InsurTechs, which can eventually lead to new customer-centric ecosystem models

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