As the digital revolution continues to take the insurance world by storm, innovation and research specialists Strategy Meets Action have conducted their latest analysis on activity in the Insurtech sector.
Digital disruptors come in six main categories according to SMA’s new report, titled ‘2017 Insurtech Landscape: Aligning to Business Opportunities’, (paywalled). Included is a category for ‘Distribution Disruptor’ companies, who make up 25% of companies considered for the analysis.
Distribution lends itself readily to disruption, being an area of insurance that has remained relatively untouched since the introduction of online platforms from insurers providing quotes to customers over a decade ago, and the subsequent ‘quote and bind’ sales. Digital Insurance news service, Dig In reported on this just recently, noting that SMA research was useful to insurance companies in their efforts to understand the new breed of digital companies emerging.
One key finding, according to futurologist (our word, not his) and analyst Mark Breading of SMA, was that disruptors were capable of harnessing the best of the new and the old, which he thought would lead to a coherent digital insurance community where established providers would eventually become more comfortable with Insurtech. The prognosis for the sector is good, with new players becoming a vital part of the insurance ecosystem.
At InsuredHQ, we’re proud of our Disruptor tag, although we think we’re better described as Innovators, with our unique PAS providing the digital interaction which insurers and brokers need to press ahead in an increasingly connected world. Our solutions are cloud based, connectable, cost-effective, and customer-centric. While we know you have a choice in PAS, we can demonstrate quickly and simply these great InsuredHQ advantages, and we’ll be happy to do so.
You can contact us today to talk more about partnering with InsuredHQ, and how your business will benefit. If you’d rather have an informal face-to-face chat, you need to know that the Australasian Insurance Institute, ANZIIF, is organizing its first-ever Insurtech Conference on March 28 in Sydney, and we’ll be in attendance. You can look us up while you’re there – we can even buy you a decent coffee!
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