Other industries are being disrupted by new business models and new technologies, but the insurance industry has been slow to jump on the insurtech train. But that, says a new study, could put them at risk of being left behind.

In its study and survey of C-suite executives from traditional insurers, insurtech leaders and venture capitalists, IBM finds that while in other sectors of the financial industry, such as traditional banking, established businesses "are increasingly looking to partner with, acquire or even provide seed funding for new fintech businesses," the report says.

Banks are doing so, it adds, "to help drive efficiency and improved capability and service quality for their customers," with those who fail to do so risking "losing market share to their more nimble competitors."