The mantra of InsurTechs is changing. Initially, InsurTechs were going to disrupt the insurance industry through the use of technology; however, technology alone cannot replace the vital role played by insurance organizations in risk transfer. Now, the trend is toward collaboration with existing players in the insurance and reinsurance market.
The insurance industry has been constantly innovating as far as the products it provides, but rarely is innovation mentioned in relation to the application of technology. InsurTech has changed that notion, reshaping how businesses interact in the insurance sector. But it has not been easy.