32 Conclusion Last year, the InsurTech report from PwC and Startupbootcamp predicted we would see more cross industry collaboration, but this year we have been “As we see insurers invest more surprised by the pace that this is starting to happen. in their innovation capabilities, Most startups are no longer talking about disrupting the market, but understand their place within the InsurTech ecosystem - how they can add value to insurers looking to scale with startups and bring in expertise, or data, from outside the industry. beyond proof of concepts, we can Although startups who providing better data and insights within existing conclude that this ecosystem is still underwriting models are already adding value to insurers, we look forward to the exciting opportunities that will be possible as insurers replace legacy technology, set to grow and mature - becoming a allowing for greater interaction with third parties. core part of the insurance industry” Startups will continue to play a role in supporting insurers to improve efficiency and customer interactions across the existing value chain and beyond. As we Victoria Newton, PwC Advisor see insurers invest more in their innovation capabilities, looking to scale with in Residence to Startupbootcamp startups beyond proof of concepts, we can conclude that this ecosystem is still set to grow and mature- becoming a core part of the insurance industry.