InsurTech is rapidly growing and evolving with a wide array of new startups; from technology companies serving the industry, to new distribution and insurance companies meeting new customer and risk needs.

These organizations are, as a group, innovative, creative, surprising and competitive. Many insurers are either funding startups, launching their own startups, or in discussions with startups regarding potential collaborations. Some of them have a great idea, but they are just a few technology steps away from being able to carry it out in having an agile, innovative back end system.

Agile and innovative

In a way, the whole insurance systems market for startups could kind of be compared to shopping for shoes. There are several ways you can buy shoes. You can order them online. You can get fitted at a retail store. With a little practice and some knowledge, you can even make your own shoes. You may only need a simple sandal. You may need something as complex as a hiking boot.