April 10, 2018
Carrier-InsurTech relationships went through stages very similar to the bank-FinTech narrative. In an industry-defining statement, Andrew Rear, Chief Executive at Munich Re’s Digital Partners, shared a few years ago, InsurTech is here to stay, and it will bring fundamental change to the insurance industry.
InsurTechs have emerged to offer simpler products and streamlined customer experience, catering to a growing generational shift toward millennials. While the InsurTech industry is still in its infancy, the sector is gaining momentum and garnering increased attention from venture capitalists (VC’s), as well as established insurers. – The National Association of Insurance Commissioners (NAIC)
Indeed, over the course of InsurTech’s development and the accelerating pace of investments in the space, the startup ecosystem has considerably transformed consumer expectations on how insurance products should be built and delivered.