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Go for the low-hanging fruit: How traditional insurers can compete with insurtechs

Greg Crowl
Greg Crowl 6/20/2022 11:45 AM GMT+08  • 6 min read
 Go for the low-hanging fruit: How traditional insurers can compete with insurtechs
What are the three digital transformation areas that’ll help insurers deliver big results in a short amount of time? Photo: Pan Yunbo/Unsplash
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When it comes to the insurance industry, it’s a jungle out there.

It’s true the global insurance industry is forecasted to reach a new record in premiums, surpassing US$7 trillion by this year’s mid-way point. But it’s also well recognised the year will be filled with many challenges. Increasing inflation, economic uncertainty, stringent regulatory demands, cyber security, and the impact of merger and acquisition (M&A) activity have made for quite a rocky path.

Traditional insurers must contend with another obstacle in addition to these challenges – a new enemy lurking among the vines and branches stealing customers. I’m talking about the rise of insurtechs.

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