AM BestTV: 15%-20% Insurtechs Offer Promise, Others Will Fail, Says Starr’s Chairman and Chief Executive Officer Greenberg

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OLDWICK - OCTOBER 14, 2019 11:58 AM (EDT)
In this ^AMBestTV episode, Maurice R. “Hank” Greenberg, chairman and chief executive officer, Starr Insurance Companies., said China is a leading example of the growing presence of online marketing. Click on http://www.ambest.com/v.asp?v=greenberg1019 to view the entire program.

Greenberg said that although insurtech is entrenched in the insurance industry, he expects many startups to fail.

“I would say about 15-20% of the ones we have looked at have something to offer. Most of the others I think will be failures,” said Greenberg. “It will have a profound effect on the industry going forward. There is no question about it in my mind.”

He also discussed how technology has aided his company in the Chinese insurance market.

“I would say that on the commercial lines side, Starr brings knowledge that many Chinese insurance companies do not have in underwriting,” said Greenberg. “On the personal lines side, there are some opportunities different than are here in the United States. For example, technology is going quite well in China, as is online marketing. You have to operate to fit the country that you operate in.”

Greenberg said he strongly believes that the change emerging technologies are bringing to the insurance industry will be a tremendous asset.

“I do not resist change, because it is extremely important to our business and is constant. If a company resists change, the likelihood that it will be successful is doubtful. Change has an effect on our business and it is usually for the better,” he said.

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^AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View ^AM BestTV episodes at http://www.ambest.tv .

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.