InsurTech- Why Insurance is next prime focus?

Before the advent of underwriting in London’s coffee houses in the 1600’s, civilizations used various mechanisms to provide financial protection within their communities. Since then, the business model of insurance has not seen any significant change in 50-plus years (until the arrival of internet), and this is due to several key factors, including:

• Insurance is a complex industry covering a diverse range of risks

• Insurance industry commonly uses hacked-together tools from older approaches

• Insurers are required to have individual state charters, which mean they have to manage state-by-state regulations and complexities

• Value chain of insurers has not changed, remaining carrier-out, product-centric

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