As the insurance industry continues to evolve, it’s becoming increasingly important for startups and incumbents to collaborate in order to drive innovation and meet changing consumer demands. In a recent article by The Fintech Times, insurance experts shared their insights on how these collaborations are reshaping traditional practices and addressing the dynamic needs of modern consumers.

At Qover, CEO and co-founder Quentin Colmant stresses the importance of combining strengths and innovation to navigate the complexities of the insurance industry. Legacy players bring expertise and a long-term view, with a capacity to approach risk across different cycles. However, today’s rapidly changing business landscape requires a different approach. Insurers are adapting by collaborating with new actors and tech orchestrators, who are enabling a quicker delivery to meet evolving demands. Ecosystem partnerships are crucial to creating a better value chain and embracing technologies that meet customer needs while focusing on user experience.

Startups thrive by addressing unmet needs, says Mike Mcnerney, senior vice president of security at cyber risk solution company Resilience. As they get traction, startups will push incumbents to adapt. Either the incumbents will adapt and compete or they won’t and will be disrupted. The end result either way should be a superior offering for the customer.

Reijo Pold, co-founder and CEO of global insurtech company Value.Space, underscores the symbiotic relationship between insurtech companies and incumbents to drive rapid adoption of new technologies in the insurance sector. The drive to widen the application of new technologies has become firmly ingrained in the relationship between insurtech companies and incumbents. This forward-looking cooperative mindset between insurtech and incumbents benefits the insured, helping to ensure that insurance products remain available despite the emerging, more volatile risks in the years ahead.

To drive innovation and meet changing consumer demands in the insurance industry, startups and incumbents must work together. By combining strengths and innovation, addressing unmet needs, and embracing new technologies, the insurance industry can better serve its customers. At Riskwolf, we enable insurers to build and operate parametric insurance at scale using unique real-time data and dynamic risk modelling. Contact us to learn more about how we can help you turn real-time data into insurance.

Source: The Fintech Times