The biggest showdown in insurance technology

Jeff McCann April 23, 2019

The insurance technology space is rapidly evolving into a hyper competitive space. VC-backed insurance companies are entering, insurers are skipping past brokers and going direct to consumer, blockchain and AI-based distribution are gaining momentum, and everything in between.

With $2.3B invested in all of 2017, $697M invested in Q4 2017 alone, it is clear that there will be a dynamic future for the $4.7T insurance industry.

But the biggest and possibly most important showdown of all: Insurtech vs Insuretech. Will the ‘e’ prevail? If an industry is going to invent a buzzword and there are going to be books, thought leaders, incubators and conferences centred around this topic, we should at least agree on how to spell it.

(Note: I won’t even get into the capital ‘T’ or lowercase ‘t’ — that’s for another post.)

Here are the leaders in each camp based on SEO and prominence.

No ‘e’ Insurtech club:

  • McKinsey – One of the worlds largest consulting firms posted this article which ranks first for the insurtech keyword: Insurtech—the threat that inspires
  • InsurTech News – An entire website dedicated to aggregating and publishing news on the topic
  • Matteo Carbone – Founder and director of IoT Insurance Observatory, InsurTech thought leader and investor. He also is an author of the Insurtech book. No ‘e’ in sight.

Insuretech with an ‘e’ club:

  • Insuretech Connect – Annual conference and one of the first movers in the insurance technology conference space. Sponsored by Oliver Wyman (a Marsh & McLennan company) but not sure how the parents feel about their brainchild using the ‘e’.
  • ICE Insuretech – They’re all in and doubled down by naming their company with the ‘e’, domain registration included. No turning back now.

Andy Rear, CEO Munich Re: Digital Partners posted the linked blog and keeps the ‘e’. Smart enough that he doesn’t even need to call himself a thought leader, he just is.

The Undecided:

Accenture – One of the worlds largest consulting firms actually can’t decide. The page title has an ‘e’, which shows up on Google results, but the blog authors seem to lose the ‘e’ in favour of the leaner, possibly nouveau look. Look closely at the URLs, and you can see the inconsistency – which is obvious on the page.

  1. https://insuranceblog.accenture.com/tag/insuretech
  2. https://insuranceblog.accenture.com/insurtech-is-growing-rapidly-but-how-can-startups-and-incumbents-generate-maximum-value-from-this-activity

Might just be an editorial oversight, but perhaps it points to an internal struggle on the topic between some of the smartest people in the world?

We’ll be sure to keep a close watch as the industry changes and one of these spellings prevails.

Jeff believes in the broker channel. Getting ahead of the insurtech revolution, he co-founded ApolloXE to provide Canadian brokers with product, technology, and digital marketing enablement. He carries the vision of an industry where computers do the work so people can build relationships.

Get in touch today: jeff@apollocover.com. Visit Jeff McCann on LinkedIn