Apparently, 50 is the new 30 and “Orange is the New Black.” Reinvention is the word of the day, and even the traditional insurance industry is getting in on the act.
Executive Summary
While traditional insurers have things to learn about agility from the faster-moving culture of startups, the road ahead isn't necessarily smooth for new entrants either. Weighing the benefits of starting business with cloud-hosted tech platforms built for the future against the need to acquire insurance knowledge, Xpertdoc's David Squibb concludes that marrying startup culture traits into traditional insurance environments is a winning combination.Shopping and purchasing experiences in other industries have set the bar for insurance customer expectations at a level few established players will ever be able to reach, let alone vault over.
Constrained by old technology, limited access to talent that can implement or integrate emerging technologies, and demands by newer buyers for product choice, speed-to-market and transparency, traditional insurance companies are struggling to compete.
Conversely, insurance startups are rapidly securing funding from Day One by adapting some characteristics of the startup culture to fit a legacy industry. In spite of the tendency to occasionally play fast and loose when it comes to regulatory compliance, these startups are going directly to the cloud for functionality and scalability, hiring remote workers to access a higher caliber of IT talent, and incorporating a younger demographic to help craft a new, more powerful customer experience.
