2. Meeting changing customer needs with new offerings This theme represented 20% of applications to Startupboot- No wonder insurers see this as the trend most likely to have camp, the third largest category. Some 75% of corporates con- an impact on their business. They recognise new entrants have sidered this theme impactful, ranking it as the most impactful the potential to disrupt their business model and to acquire of our six themes. and quickly build customer loyalty. This is prompting insurers As insurers struggle to adapt quickly enough to meet the to rethink their relevancy and to evolve in order to remain com- changing needs of customers, nimble new entrants offering petitive. flexible and personalised solutions are emerging to address gaps in the market. Often, these start-ups cater to customers i. Microinsurance who have been overlooked by traditional insurers. Others are Some 9% of applications to Startupbootcamp came from mi- focusing on the sharing economy or peer-to-peer principles cro-insurance businesses offering protection to low income that challenge the sector’s existing business model. groups. The majority of these ventures focus on the developing 9% of applications to Startupbootcamp were micro-insurance businesses offering protection to low income groups 15