I know how Swifty feels. I have been "doing new technology" in insurance for almost 30 years. There have been spectacular hypes which fizzled out, bubbles that burst and booms that whimpered. But in amongst them, there were genuine diamonds.
The real key to success is taking a considered view of how an initiative solves the underlying causes of a problem, not the symptom. So many startups don't understand the underlying root causes or indeed the nature of the industry they are trying to disrupt.
The majority of the $3.5billion (yes you read that right!) that went into insurtech startups globally in the last year will be squandered. The question is, amongst all that where are the handful that will sustainably make it through?
As a younger music fan, nothing gave me a greater kick than finding a band on the bottom of a bill in a grimy venue that blew me away. I then enjoyed the opportunity this afforded to boast and rave about said band and follow their career as they stepped up from the Camden Barfly to the Astoria, from mail order-only seven-inch singles to streaming service omnipresence. At many insurtech events, you hear talk of the Gartner ‘hype’ cycle in relation to the maturity, adoption and social application of new technologies. Which means, in terms of my insurtech ‘buzz’ cycle, I am still excited by what is going on. Thrilled that the likes of major insurers, reinsurers, and even the ex-husband of Demi Moore might want to get involved.