Rapidly changing situations and opportunities often outpace the speed and capability of communication in today’s insurance industry. Creating the ability to connect firms, brokers and underwriters will ultimately open up the market and change the face of the intermediated insurance market. It is no longer about who you know in the industry but what you know.
InsurTech is fundamentally changing the way the insurance and reinsurance industry operates, and the market is starting to take seriously the notion of “disrupt or be disrupted.” According to the Willis Towers Watson Insurtech Q3 2018 briefing, $1.3 billion of InsurTech funding during Q3 was completed in 57 reported transactions—more than double the funding volume over the prior quarter. Yet, if you walk around London, you still see brokers carrying large binders of paper and the pubs are overflowing with brokers and underwriters doing business face-to-face.