Phil Reynolds, CEO of BriteCore, recently presented on InsureTechs at PAMIC's IT seminar in Pennsylvania. Review the presentation here.
The presentation describes how InsureTechs are disrupting the insurance landscape and accelerating innovation.
The combination of investment in insurance technology and a progressing consumer market have built modern InsureTechs: companies disrupting the current insurance model through technology-powered strategies. InsureTechs are growing at an exponential rate, creating ripples of change in the waters of the insurance industry. Attendance at InsureTech Connect, an annual conference bringing together innovative insurers and InsureTechs, grew over 500% from 700 companies attending in 2015 to 3,800 companies in 2017.
The need for innovation in insurance has culminated in the creation of these InsureTechs. To keep pace with shifting consumer preferences, insurers must modify their core, data, and digital solutions.