These are interesting times for those of us involved in insurance innovation. It's been a long time coming, but the building blocks that will spawn innovation now all seem to be in place. To prove the point, let me tell you about three things which came my way on three consecutive days last week.
On Tuesday I helped organise the InsTech event hosted by Swiss Re where we heard from 8 insurance innovators about their ideas, the problems they solve and the help they need. There were more innovators than time available to them, so there's now a queue waiting for their chance to present.
On Wednesday Lloyd's of London effectively kick started it's acceptance of the need to engage with innovators vowing to "throw open the doors to innovators"
On Thursday, the leading Series A UK investor in insurance innovation, Mosaic Ventures in their blog summarising the state of the nation in insurance innovation entitled "Where is all the innovation in insurance" issued this call to arms - "If you're working on an ambitious startup in this area, we would love to hear from you"
Those three initiatives taken together suggest that there's a growing band of innovators, demand for innovation from within the industry, and the funds available to invest in the good ones. The planets are aligning, the time to bring out your innovation is now.
.. insurance has been overlooked [by disrupters], protected by large capital requirements and regulatory complexity. No more. We’re engaging with a new generation of insurance companies, founded by entrepreneurs who want to take on this $3.5 trillion industry.