Fair or not, many look at insurance as an outdated industry, lagging behind others of similar stature and scale when it comes to innovation.
While sectors such as financial services and healthcare have embraced digitization and automation with open arms — whether by choice or mandate — insurance has largely played catch-up.
Whether that's an accurate picture of the industry as it stands can be debated. You can argue whether concepts like the independent agent distribution model are actually antiquated (as some insist) or whether the adoption of telematics and usage-based pricing have already elevated insurance into the modern age of technology.
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