InsurTech Futures: 86% of insurers worried about losing revenue to start-ups, says PwC

globe-binary-technology

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