Incumbent and established insurance organizations ‐ whether insurers, loss adjusters, or claims corporations ‐ are often criticized for failing to innovate or disrupt the insurance market and perhaps this is not without reason. Innovation requires an organization's ability to distance itself from the status quo. It is about starting from a blank sheet of paper and focusing the attention of the
... [Show full abstract] business on a specific outcome, usually the customer. And so there is an inherent insurance innovation mismatch: idealistic startups who build great experiences with a customer that stands at the centre of their decision‐making process but who often struggle to secure fundamental insurance underwriting capacity or significant bottom‐line results. There is cause to remain wholly optimistic and look forward to an insurance ecosystem where InsurTech startups, new entrants, and the incumbents coexist to mitigate risk for people and businesses, allowing customers to make their own choices about how they put this protection in place.