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InsurTech Center

Expert Opinion

Enabling infrastructure as the future of insurtech

Review where insurtech has been, currently stands and what it needs to continue moving forward.

By Andrew Wynn and Niranjan 'Niji' Sabharwal | November 02, 2021 at 03:00 AM
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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