The insurers’ position on investment and partnerships with startups is very active and is evolving at a very fast speed as the years go by. Their logics change as new business models and technologies emerge but their presence on the Insurtech landscape remains overriding.
Traditionally, the Insurance industry has been marked by the trends and movements that Insurance companies themselves have made with their respective products and services portfolio. They were, until very recently, the only forces that dominated the environment and, hence, the ones which accelerated and deaccelerated the evolution in the sector.
With the generation of Insurance Liquid Ecosystems, however, insurers are no longer the only entity that impacts the way the Insurance industry evolves. Yet, they are still one of the most important actors that determine the course of Insurance. Not only for the actions they carry out from within the company’s structure, but also for the initiatives they take from their digital garages, insurers are bringing in significant innovations that constantly renew the industry.
This strategic innovations is key for the insurers’ market presence, as well as for their leadership within the Ecosystems themselves. Innovation requires, though, a continuous and targeted generation of ideas and a constant market testing, which also oughts to be open, agile and bilateral, allowing customer co-creation and collaboration with other players from within and out of the industry.