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Corporate meeting in conference room diverse group of people Studies show that companies with diverse workforces are more successful. (Photo: iStock)

The history of insurance can be traced to ancient times when Mediterranean sailing merchants added provisions to loans so that if a shipment was lost at sea the money need not be repaid. Over the many centuries since, the industry has evolved as regulation, globalization, and economic ups and downs caused insurers to adapt to market conditions. But, by and large, insurance has been a steady ship over the past several hundred years with a claims-based, product-centric focus anchoring the business model.

Those calm waters started to churn about a decade ago as InsurTech business models began to enter the scene. By blending insurance with emerging technologies, countless new startups have emerged, and they’re embracing customer-centric concepts formed around artificial intelligence and behavioral economics.

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