To further the theme of 'rise of the start-ups' there is an increasing amount of partnerships forming between established corporations and new digital InsurTech companies.
Rather than disrupt their traditional legacy systems which could prove to much to handle, the solution is to support the disruptors that would otherwise grow to become a threat - "if you can't beat them join them"
The growth trend for insurtech is supported further by traditional insurers that are creating venture capital funds to invest in insurtech manufacturers as they attempt to catch-up with banking and financial services, the report says. “There are a number of carriers that are doing joint ventures with these firms and taking shares to see what they can do in the marketplace,” Plotkin says. “They are saying, ‘We will share our data if you help us move into this space faster.’ This allows them to expand their footprint and expand their brands to millennials and other markets.”