Insurers embrace insurtech challenge

The insurance sector is accepting that disruptive technologies will transform the way the industry has been operating over the past decades. As a consequence, traditional insurers have decided that the only way to avoid a shrinking business is to take action and get involved with the thriving insurtech start-up industry through cooperation and M&A.

“A few years ago, the insurance sector thought that these start-ups were coming to eat our lunch, now we see them more collaborating and joining us for lunch,” Zurich head of business transformation Antony Elliott, tells Intelligent Insurer.

Zurich is even helping insurtech startups to grow. It is collaborating with accelerator Startupbootcamp, which supports early-stage tech founders to rapidly scale their companies by providing direct access to an international network.

"At earlier stages, you've got much better chances to influence the direction [the start-ups are taking], where it would be advantageous for us as a company," Elliott says.