InsuranceTech Innovation Booms: Challenges and Opportunities

The prosperity of the FinTech industry has not seen limits yet. With the growing density of the unicorns club and speeding up of innovation adoption, bright entrepreneurs are entering the race for disruption in a variety of industries. However, there has been a blind spot in the US where little to nothing changed in many years. We are talking about the biggest industry in the US with net premiums of $1.1 trillion in 2014—insurance.

Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013, according to the US Bureau of Economic Analysis. Yet, with $3 billion coming into FinTech in Q4 2014, the insurance industry in the US—with a massive distrust and caution to the players—has not seen wide disruption from technology companies. There are certain challenges that cause the slow entrance of FinTech to the space. However, there are also amazing opportunities as it is relatively fresh and untouched by innovation. Interestingly, it’s not only the startups that are starting paying attention to the industry. There are

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.