39 2. The long-term outlook for InsurTech If insurers aren’t careful, collaboration will become disruption ››Insurers that fail to exploit collaboration opportunities will lose ground to rivals and new entrants able to drive value through innovation driven by InsurTech partnerships ››New entrants from beyond insurance could enter the industry with InsurTech partners. We are already seeing reinsurers bypass primary insurers with InsurTech partners, but perhaps a greater threat will come from technology companies as well as the utility and telecoms sectors, as these businesses find ways to expand their current suites of products and enter new markets ››InsurTechs may also choose to go it alone, working with other start-ups or individually as they attract further venture capital funding. Recent Start upbootcamp research found 40% of InsurTechs saw themselves as disruptors rather than enablers and the potential for more full stack InsurTechs 14 to emerge is there Greater cross-industry collaboration will drive customer centricity and financial wellness ››Working with other sectors of the financial services industry, InsurTechs will be part of the move towards more holistic financial services, with consumers accessing a full overview of their finances through a single portal; this trend has significant potential benefits for financial wellness ››Industry boundaries will continue to blur as insurers (and others) use technology to deliver preventative solutions as well as insurance. A good example where this is already happening is CBien, the start-up in residence for this year’s cohort. It is a digital asset management platform that helps people secure, value and manage their possessions, with an option to insure them as part of their more comprehensive solution ››We will move from a crowded marketplace to a world where a handful of key players drive the wellness agenda and ensure consumers have total control of their finances 14 Startupbootcamp InsurTech, Startup Survey, 2017