In this graphic provided by Capco, purple represents traditional mergers and relations, and green represents the new territory inhabited by Lemonade and Hippo-Spinnaker. In this graphic provided by Capco, purple represents traditional mergers and relations, and green represents the new territory inhabited by Lemonade and Hippo-Spinnaker.

Historically, the insurance world’s value chain hierarchy was as follows: Carriers develop products while captives or independent advisors distribute it.

Now, with InsurTechs, online options and rate aggregators, the lines have blurred.

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