Major insurance players like State Farm, Allstate and Nationwide have dedicated funding to acquisitions of insurtech companies and/or investments in insurtech startups. (Photo: Oulaphone/Adobe Stock) Major insurance players like State Farm, Allstate and Nationwide have dedicated funding to acquisitions of insurtech companies and/or investments in insurtech startups. (Photo: Oulaphone/Adobe Stock)

It didn’t take long at all for technology to raise the stakes on insurance providers’ customer experience. Consider this: The ability to file an automotive claim with a smartphone camera, which was the stuff of fantasy not long ago, is now nearly ubiquitous across top carriers.

In today’s marketplace, insurtech providers compete based on their ability to offer a solution that speeds up a customer process that was historically slow: How fast can we process the claim? How quickly can we assess the damage? How quickly can we get an answer?

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