4. Adding insurtech to the equation
Lastly, PwC says insurers should be open-minded – especially as part of their innovation strategy – to the growing community of insurtech companies that can add value to their new technology environments. This can take the form of joint ventures, strategic partnerships, acquisitions or more traditional service provider relationships – whichever the carriers is most comfortable with from a risk standpoint.
“It will remain unclear who will ultimately become leaders within the space. As a result, insurers should look to a combination of partnering models to hedge against an uncertain future,” PwC concludes.