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22 October 2019 Insurance

Watching, waiting, acting on insurtech ‘bubble’

While most re/insurers are now playing an active role in the insurtech space, either by partnering with startups or developing solutions themselves, a surprising number admit to watching developments in the space but without yet acting.

That was the result of a survey of Intelligent Insurer readers carried out ahead of this year’s this year’s annual APCIA conference in Boston.

In a poll in which respondents were able to select multiple answers and asked the question ‘how would you characterise your company’s approach to insurtech?’ some 41 percent said they were watching its development but have not acted yet.

One respondent explained: “Although we believe this is important, it is almost impossible to know which horses to back at this stage, and a lot of money will be lost by those who think they know. We will sit back and wait, and move in when the time is right.”

Fifty percent said they were developing their own technologies in-house and another 33 percent said they were actively partnering with or investing in insurtech companies.
“It is a space we have to be in or be left behind,” said one respondent. “It will revolutionise parts of the industry in ways we cannot even imagine yet. It is an exciting time to be here, if you have the right mentality.”

Finally, 25 percent stated they thought insurtech is a bubble that will burst. “We have seen these tech bubbles before it will all end in tears,” said one.

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