Now is the time for traditional insurance companies to embrace innovation

Did you miss a session at the Data Summit? This article was contributed by Jason Paau, senior director of program management at digital consultancy Publicis Sapient. As with other industries, the pandemic has triggered digital acceleration in the insurance sector, enabling some insurance technology (insurtech) startups to benefit from their nimble and innovative digital-first offerings. Lemonade, for example, has introduced a new auto insurance offering, supported by acquiring insurance startup Metromile. Instead of watching these smaller insurance upstarts continue to hustle, pivot and grow, traditional players need to take advantage of this moment to leverage the power of their brands and own the inevitable disruption of the sector.