Opinions and musings about the evolution of the insurance industry are easy to come by these days as incumbents and start-ups alike vie for the attention of the masses.
However, one of the most crucial parties to this evolution often remains quiet: Venture Capitalists.
Gretchen Hayes from Chicago-based Sandbox Industries provides her deeply experienced perspective on what she sees as the greatest challenges the insurance industry faces and the corresponding opportunities for start-ups.
Her position that a flexible business model enabled by start-up partnerships and a client-centric focus echos my thoughts about how incumbents need to position themselves for the future.
True transformation to a digital, cloud-based environment is a process that starts with a flexible business model that has the customers’ expectations at its center (not “the way we do things”). External partnerships with InsurTechs can bring sophisticated technology skills to support the model and add innovation, urgency and speed.