Over the last few years, insurance has become an important hub for tech innovation.
While the momentum is widely discussed, the numbers are even more telling. CB Insights reported that InsurTech companies have raised $5.67 billion dollars across 464 deals since 2011, compared to only $85 million in 2010.
The influx of capital puts added pressure on traditional insurance companies to either adapt, by adopting technology into their business to offer a better customer experience, or join the investors by funding InsurTech initiatives.
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