Integrating innovations. The insurance industry is challenged by innovative InsurTech startups in all core areas of its value creation. They operate in areas such as insurance policies, consumer claim management, insurance comparison and data analysis. Established insurers need to become innovators themselves by:
forming internal innovation labs,
creating startup spinoffs, or
acquiring an existing InsurTech startup.
All options may be considered to introduce an innovative mindset and establish agile working methods. But these efforts come with their own challenges.