Competition from insurtech increases
Insurtech start-ups compete with established insurers on customer experience, speed and price, especially in personal lines such as home, renters and travel insurance.
Incumbents have responded by launching their own digital brands, partnering with start-ups or acquiring them. The result is faster innovation across the market.
For reinsurers, insurtech competition brings new clients that need capacity and expertise, as well as new ways to distribute and underwrite risk.