Felix Anthonj, CEO of insurance communications platform experto, says: “The new entrants have noticed that the insurance industry has slept for the past decade and basically no innovation has happened. The insurance companies haven’t reacted to the changing customer needs, they have lost the connection to them, acting too greedily and as if they’re immune to disruption. They neglected the underlying principal of a business:
Beyond Black Boxes
Insurance is [...]
Why is this?
From one perspective it’s very simple to answer: every player in the insurance market has been enjoying 10-20% net margins for over a century, so why would they want that to change? Lloyds of London tried bringing into their organisation technology innovation with Kinnect in 2002 but after £70m investment and 5 years, it was shut down. Hence, until the rise of fintech, insurance companies felt very [...]