How insurance will
COVID-19 has rapidly changed the landscape of the insurance industry, exposed innovation gaps – and revealed new opportunities for growth.
Highline Beta has put together a special report on insurance innovation trends and opportunities. Crisis Manifesto: How insurance will change post-COVID examines industry-wide paradigm shifts, what’s needed to thrive after the pandemic, and features industry research and lessons from over 50 startup and corporate stakeholders. Companies will need to leverage collaborations with the InsurTech ecosystem in order to close gaps and build trusted solutions at light speed.
Key takeaways from the report:
- New Landscape and New Concerns: Unseen levels of impact on all business lines has led to new concerns. Read up on lessons from 30+ startups turning some of these new concerns into products.
- Shorter Time for Action: Insurance companies may need to act quickly in the face of uncertainty and with incomplete data.
- Digital Transformation Now: The impact on traditional business models, oriented to broker-driven, face-to-face interactions that lack full digitization has been significant. Insurers must learn how to offer their services digitally and close innovation gaps fast.
- Efficiency is Essential: Efficiency will become more critical than ever before. insurers must invest in better processes and tools.
- The big rethink: New potential areas of opportunity include cyber insurance, usage based insurance, parametric insurance, business interruption, mental health, and more. Is your company ready?
“Will you build something that's optimized for the year 2018, or will you build something that's optimized for the year 2021? Now would be a really good place to start.”
About Highline Beta
Highline Beta is a corporate innovation and venture development firm. We’re entrepreneurs, investors, designers and product experts. We work with the Fortune 1000 to drive growth innovation with speed and an investor’s mindset.
We dig deep and take action, providing clients with the right mix of innovation services and outcomes to create measurable growth opportunities. We believe in startup-corporate collaboration as the ultimate unfair advantage. Our fund invests in startups that have meaningful relationships and pilots with our corporate clients. When this works, everyone wins.
For more, please visit https://highlinebeta.com/ Want to learn more or get in touch about the report? Email us at [email protected]
Corporate innovation is changing faster than ever. And opportunities abound for big companies to build a portfolio of ventures internally and externally, beyond their core.
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