Insurtech startups are almost 100% focussed on activities in the front office, interacting with customers. This is entirely logical as you can only really affect an insurer's COR in the front office.

For so many years insurance businesses thought that the most important system they had to consider was their Policy Admin System (PAS). Today, the realisation has dawned that investing in a new PAS is simply spending money to process the policies faster. It does not have a material effect on the COR or the other main operating ratios that determine the efficiency, effectiveness and profitability of an insurance company.

Moving work out of the back office into the front office and moving work out of the front office into digital self service, is the only way to survive and thrive.

Insurtech startups have not missed this fact!