To date, insurtech activity has focused on P&C personal lines—but as Michael Costonis explains, there’s tremendous opportunity in other lines of business.

So far, the majority of insurtech activity has been in the personal lines P&C space. This makes sense if you consider that most start-up founders tend to be younger and that their insurance purchases are likely to be in auto and home coverage.

As I explain in this video from InsureTech Connect 2017, there is certainly a role for insurtech in personal lines—and there’s also tremendous opportunity in commercial and life insurance. 

It’s worth noting that, in isolation, a single technology or solution is unlikely to bring about the transformative innovation that many organizations are looking for. However, in combining technologies or solutions—for example, leveraging insurtech in both distribution and pricing for commercial lines—insurers can begin to unlock the true value of digital transformation. 

For more coverage of InsureTech Connect, I encourage you to read:

To learn how Accenture can help insurers harness the value of insurtech in personal, commercial and life insurance, email me

 

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