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Insurers: Don’t ignore insurtechs unless you want to be the next Blockbuster
The onset of digital business has crept up on many traditional insurance providers and it may too late for several to fight back. Firms like Blockbuster Video, Toys R Us, and British Home Stores have already been put out of business by failing to respond to changing customer needs in the retail sector, and the same is happening in the insurance sector. And as this shift continues, several traditional firms have already missed their chance to salvage their business models (and in some cases, never stood a chance), and aren’t prioritising customer experience (see Exhibit 1).
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