August 1, 2019 – Demand in numbers for high-salaried insurtech executives has for the first time overtaken fintech, according to the needs of major global companies in technology, digital and financial sectors.
Data from TritonExec – the global executive search firm which supplies essential leadership to a number of high-profile worldwide companies undergoing digital transformation – indicates 178 insurtech assignments across 2019 to date, versus 165 in fintech. This is the first time insurtech overtakes fintech in search assignment since the company’s inception in 2011.
This has been measured against retained search mandates for executive positions with salaries ranging from £150,000 to £1million for both the UK/Europe, and the USA.
Most in-demand insurtech positions
The highest paid, most sought-after roles include chief information officers (CIO), chief digital officers (CDO), chief operating officers (COO), transformation leaders and enterprise architects.
TritonExec partner, Georgina Pawley, commented:
“Fintech has enjoyed an explosive decade to date in terms of needing fresh and widespread leadership, however there appears to be three main drivers for the significant increase in demand for insurtech executives. Namely the trend of legacy insurers seeking new leadership who have advanced digital proficiency, from an industry considered ‘behind’ in this area.”
Private equity impact
“With nearly 50 per cent of our insurtech briefs coming from private equity, this burgeoning market is one of the largest drivers of client activity compared to a few years ago where the industry wasn’t ready for the innovation we’re seeing now.
Legacy insurers catch-up
“Legacy insurers are investing in their in-house digital labs and innovation centers, as well as partnering with newcomer insurtech SMEs.
Change resistant industry
“Many legacy insurers are fighting the disruption brought by technology and data analytics on liability (which ultimately affects their profitability) – this is one of the key reasons the industry is playing catch up at a rapid pace.”
Customer driven change
“Customers are ultimately driving this much-needed technological embrace across the insurance market – especially with the advent of mobile technology. More automation and decision making is now in the hands of customers.”
Since its launch to market in 2011, TritonExec, with offices in the UK and USA, has attracted multi-million-dollar contracts, and built a global clientele including Capgemini, Accenture, Icahn Enterprises, Gryphon Investors, and, Genpact (NYSE: G) – the global digital transformation business.