Top 10 Insurtech Disruptors in 2022
The prominence and the recent interest surrounding insurtech revolve around the fact that the sector is on the threshold of massive disruption and innovation. The applicability of insurtech even pervades realms that reputed or long-standing insurance firms are reluctant or less interested in pursuing. The breadth of technologies utilized in insurtech is continually expanding and changing, altering how insurance is handled.
The sector needed to be faster in adapting to modern technologies. Insurance is a highly regulated sector with a complex web of legal requirements from several jurisdictions. Because of this, the major corporations have endured for so long by exercising extreme caution. Also, When using insurtech approaches, some degree of privacy is given up. Yet, it would have been unrealistic for the industry to ignore the inevitability of technology to keep pace with the world and to meet the ever-increasing consumer demands.
The U.S Insurtech space has been steadily showing a rapid ascent regarding a growing range of business models and capabilities. The industry has to cater to a different audience unwilling to compromise on customer experience. Also, the industry is showing increased reliance on technology, and there is widespread interest in investing in incorporating technology.
The current industry offers enormous growth potential, and opportunities are abundant. As a result, huge investments are flowing in from different sources. Here is an attempt to compile a comprehensive list of the top 10 insurtech disruptors in 2023. These firms are leveraging technological evolution to expand their portfolio of work and bridge the gap between customers and the right insurance.