November 14, 2016
The insurance sector has entered a phase of profound transformation. Numerous InsurTech startups have popped up to challenge the traditional model by generating more than 16 billion dollars in the last year from insurance companies.
I believe that we will see a completely changed insurance sector in the medium term. But I consider it a joke for an industry conference to show a picture of a newborn and sell it as the last intermediary or the last client to have purchased an insurance policy. I’m convinced that insurance companies will still be relevant in the future, or will become even more relevant than they are now, but these companies will have to be InsurTechs or players who use technology as the main enablers for reaching their own strategic objectives.