Insurance companies are trying to jump-start innovation by working with relevant startups. These partnerships run the gamut from venture capital investments, to spinoffs, to acquisitions – but one thing is clear: Insurers know that there is a desire from external players to get involved in some aspect of the business.

“Many of the forward thinking carriers we’re working with are forming investments in startups, network security, home security, connected car firms — they’re looking across the board at people who are playing in that space,” says EY’s Hollander. “At a minimum, insurers need to understand the landscape of the ecosystem.

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