Insurtech agencies now pose significant competition to insurers who are selling policies directly. Many insurers over the years have invested a substantial amount of capital in insurance technology for themselves. An estimated 93% of industry leaders are experimenting with digital technology. Despite this, the results have not turned out in their favor.   

However, with careful analysis, collaboration, and integration, specialists believe that they can close the gap between insurers and Insurtech agencies. According to worldInsurTechreport.com, 90% of Insurtech startups and 70% of Insurers agree with collaboration to develop a new ecosystem. Also, 96% of insurers do think that digital ecosystems are having an impact on the insurance industry (Accenture 2019). 

Insurtech’s distinct aptitudes make incubators the perfect partner for nurturing a strong foundation in the marketplace. A lot of traditional insurance agencies might be uncertain about the road ahead. It is high time for these agencies to either invest in insurance technology and innovation, partner with an Insurtech agency or shut down their agencies.   

76% of insurance executives say that their employees are more digitally mature than the organization. This means that the workforce is waiting for the organizations to catch up.  

Don’t panic; this will not happen immediately. But if you’re an agent and you want your career to grow, then this is the right time for you to hop in the train of insurance technology. It’s now or never.    

The takeaway- Digital ecosystems are blooming – join the insurance technology wave before it’s too late.