An InsureTech Connect Surprise

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9 October 2017
Donald Light

My biggest takeaway from ITC 17 was my surprise at seeing the large presence of incumbent core system providers, including: Duck Creek, EIS, Guidewire, Insurity, Majesco, OneShield, Sapiens, and Solartis. While all of these are well-regarded established firms, none of them would be mistaken for insurtech start-ups. So, why were they there?

Here are a few hypotheses:

  1. ITC is drawing a large crowd of insurer technology purchase decision-makers and decision-influencers, and if you are offering insurance technology, that’s where you want to be
  2. The incumbent technology providers want to demonstrate that the insurtechs do not have a monopoly on new technologies (think RPA, AI, ML, IoT and . . .)
  3. The incumbents want to scout the insurtechs to see which have something worth licensing, or offering (as a fast follower), or possibly even acquiring
  4. Five years from now, people will look back and say insurtech’s biggest impact was how it forced insurer IT groups and incumbent tech vendors to elevate their CX/UX game and massively reduce cycle times.

I’ll vote for all four, with two votes for #4.


This is the event that our parent company helped found with two tech entrepreneurs. They had a shared vision that the Insurance industry did not have a single place in which incumbents, insurtech entrepreneurs, venture capital firms, and regulators could come together to improve the industry.

Check out what other analysts had to say about ITC2017....

Insight details

Content Type
Blogs
Location
Asia-Pacific, EMEA, LATAM, North America
Special Interest
Innovation & Emerging Technology