Corporates Close the Insurtech Gap by Diversifying Innovation Strategies     

The latest report from Tällt Ventures – Insurance Disruption Trends 2017, Corporate Innovation – has analysed the innovation strategies of some of the world’s largest corporates to reveal the trends that lead to successful corporate innovation.

The report has identified that since 2016, over $1.97 billion has been invested into Insurtech.

The increasing pressure from new, highly funded ventures not encumbered by antiquated legacy systems and rigid corporate structures, pose a significant and disruptive threat to corporate insurers.

Insurance companies are now working to bridge this technological gap by revising their innovation strategies. Of the top ten corporate investors, each financed almost $100 million funding into insurtech ventures, on average, since 2016.

The report however has found the most successful corporate innovation strategies extend beyond investment alone.

Through analysis of data from over 5 million ventures and interviews with dozens of influential and established insurers from around the world, the most successful innovation strategies address one or all of the following three pillars – build, partner and buy.

Matt Connolly, Founder & CEO Tällt Ventures, explains “In today’s market, a focus on M&A activity and incremental improvements to core business efficiencies are no longer enough to remain relevant. Companies are now faced with an ultimatum. Innovate strategically in the context of the global Insurtech growth­ or risk overnight irrelevance.”