Insurance industry sees greatest challenge coming from insurtechs

Almost a third of industry insiders in a GlobalData poll felt the greatest challenge in the next couple of years will come from insurtechs, ahead of existing competitors, Big Tech providers, banks, and new players. Insurtechs have generally been collaborative with leading insurers. The industry has extremely high barriers to entry due to regulation, lack of brand recognition and trust, and the need for large amounts of liquid money. Insurtechs have often not challenged insurers on underwriting policies bu ...