Transitioning from working at an incumbent insurer to an InsurTech startup
Stephen Cowap, Insurance Product Manager
In the past few years there has been a rise in the number of tech startups entering the world of insurance. Whilst traditional insurance companies and InsurTech businesses work in the same industry, they operate in very different ways. I joined Urban Jungle last year, having previously worked in the Lloyd’s of London insurance market for 6 years. Transitioning from one of the world’s most traditional insurance markets to a relatively new segment in the industry has been an exciting challenge and has highlighted many key differences between these two types of insurance companies.
Despite incumbent insurance companies having large customer and revenue bases that InsurTech businesses do not, there are a number of advantages that early stage startups have and are able to capitalise on. A key advantage of any InsurTech startup is that they are able to address the insurance industry with an unbiased, fresh approach. This allows a company to focus on real customer problems rather than internal issues that are often associated with outdated technology and cumbersome legacy systems.
The transition from a large incumbent insurance company to an InsurTech has been challenging but highly rewarding. It has been fast-paced and I have had to adapt quickly but I have also been able to capitalise on the experiences I gained working in the traditional insurance market. Disruption is a term that is often associated with InsurTech businesses and although theses businesses are looking to disrupt an out-dated industry, there are many incumbent insurers that are working with InsurTechs and embracing sophisticated technology to improve the industry. These developments in the industry are a positive development for all involved (especially the customers) and the businesses that are implementing these changes are exciting places to work!