InsurTech often involves disruptive innovation in the insurance sector, and is driven by technological developments. New technologies and fast scalability are allowing disruptive companies to have a major impact in the insurance market at a relative low cost. InsurTech means start-ups as well as large tech companies pose a real threat to traditional financial institutions.
But InsurTech also offers the same opportunities to existing insurers. Do you sometimes consider new business models with e.g. peer-to-peer insurance, usage-based insurance (UBI), micro-product insurance, block chain or telematics?
InsurTech is exploiting changing customer needs. Insurance companies are now being expected to offer service experiences that customers encounter in other sectors: 24/7 reachability, perfect accessibility via various devices, on-demand products and far-reaching personalisation via data analysis.
The DeNovo digital platform by Strategy& and PwC helps to improve understanding about InsurTech's impact on your organisation. DeNovo helps to offer an insight into the InsurTech eco-system and analyses trends, technologies and disruptive companies.
We can offer you advice about partnerships within the InsurTech eco-system. We offer various programmes, like the InsurTech start-up boot camp and @Scale, where PwC establishes a range of joint business relationships with innovative disruptive start-ups. We organise workshops to improve knowledge and work with you to build a proof of concept for e.g. block chain or another InsurTech topics.
Naturally, we will also be pleased to help you to develop and implement innovations within your organisation. Our specialists are able to combine sector experience with knowledge about the latest InsurTech innovations to realise the best structure for your innovation management.
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