Insurtech is just that- technology. Insurance carriers and intermediaries are the ones that should exploit this innovation. Combining the "heavy-lifting" expertise, data/knowledge and capital reserves with digitilisation.

Lemonade sounds exciting but it is a just a pimple on the backside of the big insurance market see Lemonade- Cloudy or Clear Insurtech . 

The Carriers have the opportunity to innovate, vastly improve customer experience over the whole cycle of claims and services. But as a recent report by McKinsey (Facing Digital Reality)  highlights , it is the effective early adopter of insurtech that will scoop up most of the profits leaving a long tail of marginally profitable carriers. See "Insurance- profits could double with digital transformation".

Insurance Carriers today work with a customer journey  and supply chain that is little changes from that of 10 years ago. Just look at the net promoter scores to show the truth!

Digitising the total customer journey is crying out for insurtech now. It is a realistic goal to cut the operating costs of the customer journey by 30%. Follow the link to find out how.

"It is the responsibility of our industry to recognize what is actually InsurTech, and what is simply new competition with a different delivery model. There is an innovation revolution supposedly happening to the insurance landscape. Let us not get confused between innovation and just new competition."

Scott Cross March 2017