How Insurers Really View Disruptive InsurTech Startups

A short exchange about how traditional insurance carriers view disruptive InsurTech startups. I also explain the different roles between a digital broker like CLARK and an incumbent risk carrier.

Top Quotes

Top Quote: For me as insurance company: Digital Brokers don’t bother me, because I’m producing #insurance contracts. They sell insurance for me and increase my top-line.

Top Quote: Digital brokers are kind of a risk to incumbent #insurance carriers, because the customer will only work with the broker, because it’s a very good customer experience.

Top Quote: Digital Brokers wouldn’t be existing if #insurers were to have a very good customer experience. They don’t have, so this is a stragic risk for incumbents.


InsurTech Talk Podcast


  • As a mentor, have you also been in contact with these disruptors, for example, either contract management, so where you put all your contracts to one app, and the app does the brokering work for you?
  • I love ’em. I love ’em. Because it’s easy for the customer.
  • It’s easy for the customer, but I think the insurances don’t like them and there won’t be that level of cooperation between the two of them.
  • So I think this is a very interesting view because I think there are two choices, so there are two kinds of views. The first thing is it’s good for the customer because he has an app, maybe here in Frankfurt we have Clark, and they have an app where you have all your contacts inside the app, and this is very good for the customer, so. The first view, from me as an insurance company, it doesn’t bother me because I’m selling insurance contracts. Formerly paper-based, mainly now digitally, so I produce insurance products. I don’t produce an app, and customer experience, I don’t do it, so in the short view, I would say it’s nothing of interest, they are the broker, they sell insurance for me, increases my top-line; it’s good for me. On the other side of view, of course, its, we know, it’s kind of risk inside there, because the customer will only work with Clark as a particular broker because it’s a very good customer experience. Because to be honest, Clark wouldn’t be existing if we were to have a very great customer experience. So, and we don’t have, so this is a risk because the customer will stick to Clark, and maybe if Clark gets mad on us they will just switch over to another insurance company.

About the panel

The panel discussion “InsurTech – Leveraging Digital Innovation to Transform Insurance Sector” was moderated by Matthias Reinwarth from KuppingerCole Analysts and included the following panelists:

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Published by Karl Heinz Passler

I help insurance innovators to apply InsurTech.