Traditional insurance companies are forced to innovate because the smaller and more nimble insurtech companies had reached the tipping point in 2016. If they don’t adapt to the new environment, it is clear that they are going out of business.
For those who are not familiar, insurtech companies combine technology to address consumer pain points and aim to deliver insurance faster and cheaper. As such, they post a major existential threat to traditional insurance companies such as Aviva. Read more: fintechnews.sg