I believe that the key to keep on a level with customers is the ability to adapt and meet their ever evolving demands.
It is a start-ups ability and flexibility to create a model that best suits the new customer expectation level almost immediately whereas a larger, more established corporate is burdened by its archaic structure.
In the words of Barney Stinson - "New is always better"
Insurance is no longer a sleepy backwater of the fintech world. Last year, insurtech companies raised $2.6bn...that was more than in the previous five years combined. So far in 2016, there have been 91 deals raising a total of $1.5bn. The insurers themselves are starting to sit up and take notice. According to a survey from PwC earlier this year, almost half of insurance companies think they will lose 20 per cent of their business to standalone fintech companies over the next five years.