Insurance is one of the oldest industries. It has its root back in 1752. Everyone needs it. It protects the financial downside and provides cash in the long term. The middle and upper class spends on insurance for tax optimization. Companies buy insurance to attract and retain talented employees.
Insurtech companies exist to make buying insurance a delightful process. Today, you can buy insurance online, submit/receive insurance claims, “group-purchase” a policy (peer-to-peer insurance), find your coverage needs, and compare policy pricing. They compete with incumbent insurers which often rely on human brokers, pushy sales agents, and lengthy claim processes to help clients get paid.
We’ll examine companies that provide consumer-facing insurtech products—for home, health, auto, life, small businesses, and more.
Then, we’ll reveal exciting whitespace where new players can capitalize and monetize.
(1) Insurtech is growing exponentially:
(2) Insurtech companies are getting successful exits:
(3) Making other life areas insurable: