Panelists speaking at a recent Carrier Management Virtual Roundtable agreed that InsurTechs are sprinting ahead of insurance industry incumbents on the innovation spectrum but said that investments and partnerships can push traditional players up the curve faster.
Executive Summary
How far have traditional insurers come in their efforts to integrate InsurTech offerings and their innovative cultures into their innovation strategies? Panelists at a recent CM Virtual Roundtable event discussed the question and gave advice to carriers and brokers about investment and collaboration strategies. Watch the entire Virtual Roundtable—"Is Insurance Innovation Overrated?"—on the Carrier Management channel of InsuranceJournal.TV.Phil Edmundson, CEO and founder of Corvus Insurance, described how InsurTechs are bringing new efficiencies to individual activities, such as insurance sales, claims and loss control, offering the example of MediaAlpha, an InsurTech specializing in customer-acquisition services, which recently had an IPO valued at more than a billion dollars.
MediaAlpha “was nurtured inside White Mountains Insurance. So, it doesn’t mean that there aren’t roots in the traditional insurance business or that these folks aren’t part of the insurance ecosystem. But it is an interesting development because of the availability of capital and now the reception of broad capital markets to support these efforts,” Edmundson said.
