An important question in the Insurtech industry is how the big players in the market, and especially the insurance companies, relate to the Insurtech world. Whether they feel if there is a threat or an opportunity
From conversations that I made with many insurance companies around the world, and especially in Europe, I am impressed that there is a great deal of interest in the field of Insurtech. Is it a matter of great curiosity and a desire to understand what has happened behind the wall or that interest is genuine in order to adopt new changes and technologies?
As I am impressed the answer to this question is specific to each insurance company. There are insurance companies that do assimilate innovative technologies and ideas. I see this in Israel and around the world, and there are insurance companies whose interest stems from curiosity. The difference between these types of companies stems mainly from the position holders and the desire and ability to advance processes, as well as the challenges facing to the specific insurance company
Today, almost every insurance company that Startup will contact in order to coordinate a meeting will agree and quickly set up a meeting. The problem is in the implementation of the processes that are complex and take away many internal reasons in the insurance company and also for external reasons such as regulation and more
This raises the question of whether and at what stage the insurance companies will choose to decide to stop and perhaps even prevent the special advance.
In my opinion, the answer is an unequivocal no. They will not succeed even if they want to do so. This is due to several reasons First insurance companies are not the same as one group. Even in the types of insurance products they sell and their location They do not have a strong and leading (even technological) factor that will be able to formulate a unified front against such a move. Regulators in most countries around the world also support measures of change and innovation. Hence, there will be considerable difficulty in stopping the process, but the main reason that the insurance company couldn’t subdue the new ideas and developments in the desire of the main factor and the customers. Customers long ago expect insurance companies to make a change and bring innovation and technological progress in the way they are dealing with them, so the insurance company will not able to make the necessary change and connect the customers in the way they expect to will disappear sooner or later.
Hence, we understand that both the structure of the insurance world and the external factors affecting companies will not allow the insurance companies, if they so wish, to prevent the InsurTech from moving forward and becoming the main factor in this field.