40 Conclusion Is the InsurTech sector living up to its potential to be ‘transformational for the wider insurance industry’ as we predicted in last year’s report? We think it is and it has gathered real momentum this year. With increasingly sophisticated start-ups offering solutions across the insurance value chain the potential benefits that could be created for insurers, investors and customers alike is huge. Critically, there is now a thriving ecosystem, built on collaboration, working hard to create that value. Barring a few well known exceptions, the majority of the most exciting start-ups are still in their early stages or piloting their propositions. As they move for- ward in the months ahead InsurTech will reach an exciting and critical phase. Everything seems to be in place for the transformational nature of InsurTech to be realised. It will be down to those involved to deliver it. Succeed and the floodgates could open, fail and InsurTech, and the future of insurance, could suffer a major setback. It is a remarkable position for such a young sector to be in but it is reflective of the pace of change that is the new normal in the world today. A pace of change that is the reason the insurance industry must be agile and jump at the opportunity that InsurTech presents to deliver for the good of all - new entrants, incumbents and customers.