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I was sitting in a breakout session led by Mark Purowitz, Senior Partner at Deloitte (I am a huge fan… of Mark…. not investment firms) and the two takes away there were 1st: Mike LaRocco, is on point as an industry leader and taking State Auto into the future with great directional vision, and 2nd: that Insuretech companies are now replacing the word "Disrupt" with "Evolve". Subtle but important. In 2018, the feeling at insuretech Connect, was that, "All you incumbent PUNK A$$ juggernaut carriers, get out of the way and make some room for the new kids on the block!" Now the feeling is more along the lines of, "Hey juggernaut carriers, we want to help you evolve and succeed, can we be friends? Oh and do you want to buy us for a Unicorn price tag?"
Long story short here: Carriers are acting like Startups in some cases and not relying on their "Big and Established" status to save them and Don't count the carrier incumbents to roll over as the industry transitions, expect to see some acquisitions!
Appendix:
Long story short here: Carriers are acting like Startups in some cases and not relying on their "Big and Established" status to save them and Don't count the carrier incumbents to roll over as the industry transitions, expect to see some acquisitions!
Appendix:
- Synonyms of Disrupt: Distort, Damage, Buckle, Warp
- Synonyms of Evolve: Develop, Progress, Advance
