Fintech Insurance

The rise of insurtech (


In brief

  • As insurance companies face increasing pressure to go digital, insurtech offers great opportunities.
  • How insurance startups and incumbent insurers can bring out the best in one another.
  • Key takeaways for insurtechs and incumbents to make the most of partnerships.


Insurers are facing increasing pressure to evolve and reinvent themselves before disruption, caused by emerging technology and insurance startups, hits the bottom line.

Due to the perception that existing competitors pose the greatest risk of disruption in insurance, insurers are increasingly recognizing that insurtech (insurance technology) ultimately represents more of an opportunity than a threat.

How will traditional insurers, some of which are more than 300 years old, collaborate with insurtechs that may be less than 300 days old? There can be significant challenges to overcome regarding differences in culture, workforce, agility and technology. Insurers and startups will need to change their mindset and approach to extract maximum value from working together.

Insurers are facing disruption and need to evolve quickly

Key takeaways for insurtechs and insurers

For insurers

  • Develop your overall innovation agenda—and then determine where insurtech sits within it.
  • Embrace innovation as part of your everyday business, across your whole organization.
  • Promote the right corporate culture to foster innovation, driven from the C-suite down, with incentives linked to new roles and capabilities.
  • Draw inspiration and learning from retail banks’ fintech journeys, and from their ability to look beyond the financial services space.
  • Do not feel threatened by startups whose cultures or working practices seem radically different to your own.

About the Authors

TIM HOYING, Managing Director – Accenture Strategy, Insurance

​SIMON TOTTMAN​, Lead ​​– Insurance Research, UK and Ireland​

JIM BRAMBLET, Managing Director, Lead – Insurance Industry Accenture, North American

LEE HOLLAND, Senior Manager – Insurance, Technology Consulting

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