Dive Brief:
- The technology insurance landscape is expanding and forcing traditional insurance providers to adopt practices of "disruptive" insurance technology firms (InsurTech). The market for InsurTech continues to grow with one-third of customers dependent upon InsurTech, according to the 2017 World Insurance Report of 8,000 consumers surveyed.
- The survey, conducted by Efma and Capgemini, found more than half of traditional insurance companies favor a partnership or collaboration with emerging InsurTech while 35% want to develop their own InsurTech practices as not to miss out on a market or customers.
- Still, roughly 40% of those surveyed trust their traditional insurance provider over the only 26% who trust InsurTech partially due to the uneasiness of InsurTech’s emerging reputation.
via www.ciodive.com