Most insurers fear insurtech start-ups will eat into revenues: PwC
One in 10 insurers believe they could lose up to 40% of their business to insurtech start-ups, and more than half fear they could lose up to 20%, according to PwC's 2017 Global Fintech survey. It found 86% of insurers worried about losing revenue to insurtech firms, and 84% planned to invest in data analytics in the coming months. The survey also revealed almost 90% of insurance firms were struggling to hire or keep staff with the right skills to innovate.
PwC says insurers' perception of InsurTech has changed over the last year.

More than half of insurers (56%) are worried that up to 20% of their revenue is at risk to InsurTech start-ups, according to PwC’s 2017 Global Fintech survey.

The report showed 10% believe that more than 40% of business could be lost.

Overall, over eight in ten (86%) of the insurers surveyed were concerned about losing revenue to InsurTech players, with 52% saying that innovation is at the heart of their strategy.

PwC did note in the report that the pace of change in insurance is accelerating