Mark Breading, partner at Strategy Meets Action, and Charlie Hanna, director of Hyland Software’s Domestic Insurance Solutions Group, talk about InsurTech, including what it is and how it is impacting the insurance industry.
Analyst Interview: The InsurTech Movement
Let’s talk a little bit about the InsurTech movement and what it means to property and casualty space. Let’s touch on, for a second, what InsurTech movement has done to this term that we hear so much – digital transformation.
The InsurTech movement, which is born out of Fintech that has been around for a while and it’s just a few years old but there is already around 1,200 InsurTech firms globally. Over half of those are specifically focused on P&C industry and it’s been a real catalyst for the insurance industry.
Although in the early days, people were talking about disruption and how they were going to replace existing incumbent insurers. I think we’ve matured, the movement has matured, I should say and it’s really more now about partnering and so you’re seeing a lot of great activity where InsurTech with new ideas are blending together with P&C companies and their existing strengths – their distribution networks, their capital, their regulatory expertise, their products – and trying to create new solutions and new ways to reach customers better.