InsurTech, digitalization, and innovation are currently essential terms in the insurance industry. Many insurance companies are intensively engaged with digital business models, new products and services, collaborations with companies from other industries and start-ups, their own innovation labs and hubs, as well as other previously little-known activities. The insurance industry seems to be reinventing itself. Many are feeling the full impact of digitalization and recognize that they must now make the necessary and decisive choices for the future. We need a new interpretation of insurance to keep pace with the changing customer demands and markets. However, innovation must not become a modern fetish and trendy status symbol for the industry. To be innovative, the industry requires much more than that.