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As exciting a year as 2016 was for insurers that watched their industry take the first step into a new digital era, the impact on established processes is still uncertain and fungible. We asked several experts to ponder some questions that the industry will look to answer in 2017.
Can insurtech sustain the hype and deliver value?
Insurtech was clearly the buzzword of the year, as carriers and third-parties alike looked for ways to interact with and incorporate the innovations of the technology startup community. But now, its time for those innovations to pay off. Parts of the insurance value chain [that] are optimized through new technology that makes economic sense will gain traction, says Novaricas Mitch Wein. Other insurtech will fizzle out because it will be more gee whiz technology than creating business value.