Reinsurance investment into InsurTech rose to $1 billion in Q2 2017 – an indicator that reinsurers are accelerating the pace of innovation in an industry rife with disruption, according to a report on InsurTech market dynamics by Valen Analytics.
After Google, Overstock, and other large platforms tried to enter the re/insurance market and then exited, Valen analysts said many in the industry saw this as reinforcement that insurance is “too complex, too regulated, and too capital intensive to penetrate from the outside.” However, experts have warned that with tech innovation disrupting all industries, “even if a few early efforts don’t pan out, disruption and innovation in insurance are here to stay.” As re/insurers invest heavily into InsurTech, Valen Analytics have identified a growing divide between players looking to use innovation to update existing processes and systems, and those who want to wipe the slate clean with complete disruption.
https://www.reinsurancene.ws/reinsurance-investment-insurtech-rises-1-billion-q217-valen-analytics/
