The disruptive environment in which insurers find themselves today brings to mind Steve Jobs’ saying: “Innovation distinguishes between a leader and a follower.” Innovation, of course, can be applied to almost any functional business area, and it doesn’t always directly involve technology. But at present, technology is certainly leading the way.

In fact, much of insurers’ progress to date can be tied to new technologies, such as machine learning, artificial intelligence, geolocation technologies and, of course, digitalization. And much of the effort behind new technologies comes by way of innovative start-ups, fresh companies often from outside the insurance industry. The challenges, opportunities and benefits of working with these market entrants are profound, and even though innovation is considered a top priority, its value via start-ups and market entrants remains relatively untested among the majority of carriers.

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