The world of insurance is typically not one closely associated with rapid innovation, but the growth of the insurance technology sector (InsurTech) is changing that, and the whole insurance landscape along with it. Capgemini recently announced the findings of its inaugural World InsurTech Report, revealing new insights into this growing sector. We caught up with Shiva Balasubramaniyan, Capgemini Vice President, Technology (Insurance), to talk about the report's findings and how InsurTech is impacting the insurance sector as a whole.
Consulting: What led Capgemini to start producing this report?
Balasubramaniyan: We started venturing into InsurTech with a lot of focus back in Q4 of 2017. We're mostly in the exploratory stage, trying to understand what's happening in the space and how it's relevant to us and what it means to Capgemini. We talked to a number of accelerators and startups, we thought it was a great opportunity in front of us to collect some trends and share that information back with the world. When you talk to the insurance carriers, startups, accelerators, everyone has a different point of view, they were always looking for what's the collaboration model, how InsurTech is going to impact investment, a lot of questions are coming out, so that was a starting point for us to do some more research about the trends and how this is going to shape up as we move forward.
