Insurtechs are not going away, so it is essential for incumbents to strategize and leverage the insurtechs to address those areas considered important by customers and where the insurtechs add significant value (e.g., advanced analytics, enhanced customer experience). At the same time, it is critical that small and medium-sized insurance companies ensure that any investments made will deliver expected results and de-risk themselves to the desired extent. To achieve these goals, the incumbents need to develop a clear strategy to guide their engagement with insurtechs, beginning with a holistic approach.
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