A New Baseline: InsurTech Shifts Insurer Expectations of Core Vendors

October 12, 2018 by Scott Hinz

For decades, the insurance industry has bought, sold, replaced and implemented technology solutions in a predictable pattern. Analyst firms collected anecdotal and hard data on purchasing patterns and published deal trends reports that exposed very little change year over year. In the last three years, the InsurTech movement has injected new energy into the discussion around which technologies insurers should be using.

CB Insights and others are tracking substantial investments in InsurTech that reflect highs not seen since the panic around protecting systems against the threat of Y2K. But investment in InsurTech startups is different than insurers actually purchasing and utilizing these new technologies. A recent blog published by SMA’s Mark Breading recognized the lack of tangible traction for InsurTech startups within the incumbent insurer community, asking, “Where’s the Beef?