Recent announcements by two insurance technology accelerators drives home the point that the digital transformation in insurance is not limited to one country or contained within geographic boundaries. Increasingly, compelling ideas spread from one geography to others as digital initiatives are launched in one part of the world, perfected, and then adopted by other insurers in different countries.

A review of the list of startups included in the Global Insurance Accelerator and Hartford InsurTech Hub winter programs shows that almost half of the companies are headquartered outside the United States. (Details are here: Global Insurance Accelerator cohort and Hartford InsurTech Hub cohort)

The global transfer of insurance technology has been covered by Celent for some time now. Here are a few examples from as “far back” as 2010:

Whatever your approach is to staying abreast of the latest developments, make sure that geographic diversification is a planned tactic. While regulation is geo-specific, preventing some solutions from transferring “as is,” there is no need to reinvent the wheel if it has been perfected somewhere else in the world.

This blog entry has been republished with permission from Celent.

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