"Collaborate, Partner and Augment"
Report written by Mike Fitzgerald and Catherine Stagg-Macey at Celent, based on a survey combining the view points of global corporates and startups, shows that there is an appetite for a collaborative approach to innovation.
Whilst not new, it is clear that new approaches to innovation need to be deployed within the insurance sector.
This report highlights a few considerations.
A central conclusion is that the new innovation ecosystem will eventually mature into a form where financial services firms and startups coexist and regularly form partnerships to improve specific parts of the value chain. A few new entrants may find success as disruptors, but the predominant model will be a mix of joint ventures, partial ownership, and outright purchase of emerging technology firms by incumbents.