Insurtech Outlook: How Can Insurance Firms Best Prepare for the Future?

Editorial Calendar Insurtech Outlook: How Can Insurance Firms Best Prepare for the Future? Throughout June,The Fintech Timeshas focused on all things insurtech, from the sector’s biggest emerging trends, to the features still lacking that customers are asking for. To conclude this month’s focus, we now look to the future.

Taking into account all of the factors, insights and themes we’ve looked at so far this month, it’s clear that insurance firms face a variety of challenges. So, how can they best prepare for the future? To find out, we once again asked industry participants for their views.

Here’s what they had to say. Aviad Pinkovezky, CEO ofFirst Connect, an insurtech platform built for independent insurance agents, warns that firms need to carefully select where they use AI. “Increased restrictions from traditional insurers are creating opportunities for niche players likeRainbow, which focuses specifically on restaurants.

While these specialised companies can build substantial businesses by serving underserved niches, they face scaling challenges and distribution hurdles in reaching agents. This market fragmentation presents established insurers with a critical choice: compete on specialisation and tailored solutions or risk losing market share to more focused competitors. “For technology preparation, firms should prioritise business problems and efficiency gains.

Rather than pursuing ‘AI for AI’s sake’, insurers should start with clear, high-frequency business problems whereAIcan deliver immediate, measurable efficiency improvements, particularly in claims processing and customer service operations. This problem-first approach ensures technology investments generate tangible returns rather than impressive demonstrations. “Starting with smaller, scalable experiments will allow firms to demonstrate value, build organisational confidence, and develop institutional learning before committing resources to larger initiatives.

This approach reduces risk while building the foundation for more ambitious implementations. “In addition, data strategy will be the critical foundation for future success. Companies must move beyond simply collecting data to