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Big Techs x Fintechs x Insurtechs: The New Business Model

Big Techs, Fintechs, Insurtechs… companies are dealing with these new concepts and the challenges and opportunities they bring. This movement has been called “techization”.

Although not necessarily a new phenomenon, big techs, fintechs, and insurtechs have achieved an unprecedented role in the last two years. And experts have already stated that they are able to determine the future of entire organizations and segments.

In this article, in addition to clarifying each of these terms, we also want to show how they have influenced a profound transformation in some traditional markets, markets such as insurance and banking. What’s more, you’ll see what you can do, to take advantage of the opportunities that come with these new business configurations.

Read ahead!

Big Techs x Fintechs x Insurtechs: what are they and what are  there business model:

Let’s start by remembering these three concepts.

Big Techs

Defined by PC Magazine glossary: Big Techs are “the top technology companies, such as Google, Amazon, Facebook, and Apple, which have excessive [marketing and social] influence.”

We are talking about technology giants that have enormous capabilities to handle individual consumers and turn data into business. They have revolutionized purchases and payments and appear to be on the verge of broader expansion in consumer finance and the healthcare market.

In Europe, the most powerful Big Techs are also known by the term GAFA, which is nothing more than an acronym of the companies previously mentioned. When Microsoft is also included in the team, the acronym becomes GAFAM.

→ Learn more: Big Techs in the insurance market: how to use a User-Centrism strategy to address them? 


The term Fintech arose from the junction of finance and technology (finance + technology), and represents the evolution of the use of technology in financial services. That is, financial services and technology are in a firm embrace and, with this union, new business models based on data and user experience arise.

Fintechs are also called startups that provide financial services using modern technology, software, applications, and other features. They focus on specific niches that can innovate with consumer experience as a great asset.

→ Learn more: Fintechs: what are they and how to face them?


Insurtechs are startups that, like Fintechs, develop and apply technologies to the insurance market – the term is the junction of Insurance and Technology.

At Insurtechs, technology is behind the creation, distribution, and administration of the insurance business.

Smartphone applications, wearables, claims processing tools, online policy handling and automated processing, and insurance comparison platforms are services that appear in the Insurtechs menu.

→ Learn more: Insurtech: what it is, examples and how to seize opportunities! 

As Big Techs, Fintechs and Insurtechs are revolutionizing the market 

“Prosthetics” scholars point out that the so-called “Insurtech movement” will force the insurance industry to step up its efforts in terms of customer service, custom offer creation, and process automation. It will no longer be possible to do things as they have always been done, the focus now is the needs and desires of the consumer.

The same goes for Fintechs who take advantage of gaps created by the new behavior of financial service consumers. The Millennial generation, for example, which is now reaching adulthood and has technology as an extension of life, expects uninterrupted digital integration, fast loan approvals, free person-to-person payments, and other facilities guided by the Digital-first mindset.

In the United States – the great thermometer of global technological innovations – the fintech ecosystem has grown from just over 10 key participants to thousands of operators in the last year.

Insurtechs have shaken a solid market, making them afraid of what might happen in the near future. While they are useful moves to collect and analyze customer data and provide better and more accessible service, they represent the rise in competition that is already historically fierce. Disruptive startups have gleaned niches where the participation of large insurers left something to be desired.

An example of innovative Insurtech is the Brazilian Minuto Seguros insurance company. It unites on and offline, making it easier for consumers to purchase insurance while investing in more personalized service aligned with digital transformation. Its motto is “to facilitate the life of those who seek insurance, always thinking about the quality and importance of human care”

Lastly, no market today is free from worrying about Big Techs. The power of organizations like Google, Amazon, and Apple has been threatening retailing of books to the insurance market, through financial transactions and the healthcare market.

How to compete with brands with global reach and with such a great technological arsenal? Are consumers’ digital habits going to be the right balance when it comes to choosing a product or service? These and many others are questions that are causing many a sleepless night for small, medium and large businessmen around the world. 

Get ready to implement this new way of doing business

As you’ve noticed so far, the phenomenon of “techization”; is a reality. There are already discussions taking place in various areas: from the corporate to the academic level, through the parliaments of developed countries – that debate possible monopolies of big techs, especially.

It does not mean that you can not move to surf the same wave as the techs and safeguard the place of your business in the market. There is a lot of work to be done, especially with regard to learning from the most innovative startups on the market that digital transformation and user experience are the priorities of the moment.

Here are a few tips to help you prepare your business for new business models that do not stop appearing.

Strong partnership with startups 

Closing up to the world is not the most recommended. On the contrary, creating an Open Innovation strategy and joining the most disruptive heads of your market is critical. 

Our tip is firm partnerships with fintechs and insurtechs. These startups can help you solve problems, improve your customers’ experience and more. 

Seek expert help

Still in the theme of Open Innovation, seeking help from specialized consultants is a great choice. Here at MJV, we provide corporate innovation services and bridge the gap between startups and companies. 

Invest in your customers’ experience

Using technology to make your audiences’ experience more innovative is also a way to deal with the new challenges brought by techs.

A User-Centrism strategy, for example, can help you put users at the center of sales, marketing, and customer service efforts, among others.  

A good User-Centrism project can be the differential that softens the action of the Big Techs – with its own efforts and external partnerships, it is possible, for example, to create more usable interactive systems, through the application of human factors / ergonomics and knowledge in usability and its techniques.

So you understand how the Big Techs, Fintechs, and Insurtechs act and realize that you can deal with them without your business feeling threatened? Delve deeper into this matter by downloading our report on Innovation Trends in the Financial Market! 


Calls to social networks

  • Several types of companies are dealing with the so-called “techization” phenomenon. Is your company ready? Understand what this is and how you can take advantage of the opportunities of this movement:
  • Do you know what Big Techs, Fintechs, and Insurtechs are? Do you know all about the transformations that the phenomenon of “techization” has been provoking in several markets? Learn more in our blog: