July 1, 2016
InsurTech has a relatively young, but quite a vibrant history. There are already at least 80 hot InsurTech startups shaking up the trillion-dollar industry. It is needless to say that the insurance industry is one of the most massive and complex ecosystems with large and powerful corporate players already taking steps towards riding the wave of disruption. In fact, it is the biggest industry in the US with net premiums of $1.1 trillion in 2014. Insurance carriers and related activities contributed $421.4 billion, or 2.5% of the United States’ gross domestic product in 2013.
Since 2013, insurance tech has been actively taking off and creating its own niche in the market. In 2016, several incumbents are planning to disrupt the $4.5-trillion industry by leveraging technological capabilities. The use of disruptive technologies like big data, Internet of Things (IoT), mobile technology, AI, social network and blockchain are gaining momentum and InsurTech firms are looking for a scope to capitalize it.
The rapid growth of InsurTech startups, interest from VC firms and the corporate world served as a sign that the ecosystem has a tremendous potential and requires action to leverage those opportunities. In response to the flourishing startup environment, opportunistic minds have built InsurTech-focused accelerators to nourish the next big idea and the next Uber of insurance.
So if you are an entrepreneur or have your startup looking to drill into one of the ...