Progressive Technologie- & Consumer-Adaption, the Biggest Challenge for Traditional Insurers
Time from launch to one Billion Costumer over last decades
Thanks to the rapid evolution, the pace of technology adoption by costumers is speeding up and new technologies are already shaping consumer behavior. As new technologies emerge to disrupt industries, companies of all sizes can’t afford to sit on the side lines. In a world where new technologies products are adopted in light speed, the companies that put consumer needs first are in a position with huge competitive advantages.
On the other side Insurers legacy, specially the IT-Systems, are not from an age to compete in the same pace like technology companies developed too. They are made for linear and moderate adjustments with high demand of accuracy and reliability.
That is why Insurtech newcomers are trying to fill this huge gap between progressive driven customer needs and linear driven traditional insurance offerings.
Talking in facts: On-boarding one billion users took google 22 years, which WhatsApp only needed 6,8 years for. In other words: Global consumer tech adoption got two times faster over the last two decades! And WahtsApp was founded 2009!
When will the Billion user Insurtech arrive?