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Much of the innovation in the insurance space driven by startups has been heavily focused on the external-facing, largely ignoring the backend operations that make business possible. But now the industry is coming to realize that front-end focus is not enough to optimize business and drive transformational change. (Credit: shutterstock) Much of the innovation in the insurance space driven by startups has been heavily focused on the external-facing, largely ignoring the backend operations that make business possible. But now the industry is coming to realize that front-end focus is not enough to optimize business and drive transformational change. (Credit: Shutterstock)

It is undeniable that the insurance industry is in the midst of a once-in-a-lifetime transformation. Billions of investment dollars have been pouring into insurtech for the past few years  — $10.5 billion in the first nine months of 2021, according to Reuters.

Much of it has funneled to companies premised on reinventing insurance from the ground up for a specific market. These businesses have played a huge role in pushing the entire field forward and bringing attention to a once purposefully inconspicuous industry. As new full-stack insurance startups and traditional insurance companies now compete head on, however, there is a new, much larger opportunity for insurtechs to drive transformation while having the most potential of all: powering and digitizing functionality through infrastructure.

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