Insurtech continues to be an emerging market and one investors are pouring money into, based on both its impact and potential. Across the first three quarters of 2020 there were 274 insurtech deals globally totalling $5.1B. These companies are on a mission to inject innovation and advanced technology into an industry ripe for a change from its traditional ways of doing business. Technology has been deployed into every stage of the insurance lifecycle. From getting quotes to filing claims, technology such as artificial intelligence (AI) is changing the way insurance carriers, brokers, companies, and consumers do business. This blog will look into some of the ways insurance companies are using technology to add value for their customers and distribution partners, and explore some of the ways technology is set to reshape the insurance industry in 2021.
The following questions will be explored to see how technology will continue to change a conservative industry for the better: