The insurance industry is at an inflection point: a changing definition of risk, an increasing emphasis on prevention ahead of indemnification, consumerization and digitalization are at the heart of how the industry is reshaping.
What to do then? Insurers globally are setting up ventures in parallel to their traditional business, often via the establishment of dedicated stand-alone operations. Some international examples are Liberty Mutual’s Solaria Labs, MetLife’s LumenLab, and Guardian Life’s GIS Strategic Ventures.
In the second quarter of 2018, insurance technology ventures totaled $527 million in 71 deals, according to a quarterly survey by Willis Towers Watson Securities. However, the success of insurance ventures often depends on their uniqueness – i.e., how they deviate from traditional insurance environments. In this white paper we share Cognizant’s experiences from helping different ventures succeed. Download it to explore the unique challenges in establishing insurance ventures, and how to define successful business and operating models.
You can also learn more about Cognizant's insurance offering and general insurance trends and risks.