InsurTech Futures: 86% of insurers worried about losing revenue to start-ups, says PwC
PwC says insurers' perception of InsurTech has changed over the last year.
More than half of insurers (56%) are worried that up to 20% of their revenue is at risk to InsurTech start-ups, according to PwC’s 2017 Global Fintech survey.
The report showed 10% believe that more than 40% of business could be lost.
Overall, over eight in ten (86%) of the insurers surveyed were concerned about losing revenue to InsurTech players, with 52% saying that innovation is at the heart of their strategy.
PwC did note in the report that the pace of change in insurance is accelerating
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