FinTech Magazine - December 2021 | Page 41

“ New companies will realise that because everything is digital , it can all be done via mobile on apps , customers can go instantly on cover . It means that we ' ll get new distribution channels coming into the market to talk to families about the importance of life insurance .”
More industry mergers But alongside this shift , companies and the ecosystem will see dramatic changes . Holweger says that traditional providers will have to change if they want to survive , and this will result in two outcomes . Some will embrace the new technologies . Others will decide that the new market requirements are not for them .
“ There will almost certainly be a rise in M & A as company owners sell up to other businesses . Equally , we will see a rise in partnerships as traditional companies collaborate with insurtechs to diversify their offerings and find more technology appropriate solutions to legacy processes ,” he says .
The future , it seems , is a positive place to be , because reinvention is revitalising the industry . He adds , “ One thing about brokers , they adapt because they are smart people , and these changes we ’ re seeing are really exciting .” fintechmagazine . com 41