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This core insurance platform should be as versatile as the iPhone, applicable to new use cases without any changes to the platform itself. This allows insurers to spend less time rebuilding systems and more time focusing on the attributes that differentiate their products from the competition. (Credit: Diego M. Radzinschi/ALM) This core insurance platform should be as versatile as the iPhone, applicable to new use cases without any changes to the platform itself. This allows insurers to spend less time rebuilding systems and more time focusing on the attributes that differentiate their products from the competition. (Credit: Diego M. Radzinschi/ALM)

Fueled by nearly $5 billion of investments in 2020, the InsurTech industry has reached a new fervor — and rightfully so. A host of next-generation technologies are transforming every point of the insurance value chain: Internet of Things devices enabling personalized ratings, telematics data powering usage-based insurance products, drone inspection services verifying claims and AI chatbots delivering interactive customer experiences — just to name a few.

With all this investment, one might wonder where InsurTech is headed. Will it remain a collection of disparate technologies or will it reach some kind of convergence? To answer these questions, it can help to look at the mobile device industry, which experienced a similar period of rapid and chaotic technological advancement before it was brought together by a single, revolutionary platform: the iPhone.

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