Insurance is Overdue for Digital Transformation—Now’s the Time to Innovate

This year, InsurTech companies are zeroing in on a new generation of digitally native consumers. This means re-evaluating tech stacks and integrating innovative tools to stay competitive. Discover why digital transformation is essential to insurers now more than ever, and see the top insurance innovators to watch in 2022.

Simplicity can be a gold mine for insurers. Conditioned by excellent customer experiences in more forward-thinking verticals, consumers want insurance products they can easily understand, buy, and use. Disruptive insurtechs1 and innovative incumbents that can harness the technology required to satisfy this demand are raking in huge revenues, and will continue to do so in the coming years.

Innovation can drive profitability for insurers

Globally, insurtech revenue hit $5.48 billion in 2019, and experts predict it will rise to $10.14 billion by 2025.2 To capture a share of all this value from their tech-led competitors, smart insurers have Chief Innovation Officers (CIO) leading their digital transformation initiatives. The savviest of the bunch also have in-house or external teams that can develop, distribute, and iterate solutions that deliver the first-rate customer experience customers demand.

“Disruption” has become a shopworn term across multiple industries—insurance is not one of them. Not only are most incumbent insurers lacking innovation in their DNA, regulators are making it hard for them to experiment. Under these constraints, it seems like major insurance companies can only digitize their existing businesses for short-term value creation, which is like bringing a penknife to a gunfight—insurers that don’t use digital tech effectively aren’t going to last long.

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  1. Tanguy Catlin et. al, McKinsey & Company, Insurtech—the threat that inspires

  2. Mordor Intelligence, Global Insurtech Market | 2021 - 26 | Industry Share, Size, Growth

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