At times, it seems like InsurTech is around every corner, with new startups materializing every day, conferences emerging out of nowhere, and accelerators doing their job of accelerating.
Generally, there's just a lot of news and noise about the phenomenon. Until recently, most of the activity and visibility in property/casualty has been related to personal lines.
Sure, there have been commercial lines startups and partnerships in the distribution space for quite some time, but the level of activity has appeared to be much less than the activity around personal lines. This has begun to change in the last six months. There has been a growing body of InsurTech activity that is relevant for commercial lines. And it seems that the pace of new startups and the progress of previous startups has picked up.
|Biggest areas of interest
SMA's recently released research report, InsurTech and Commercial Lines: A Surge of Activity and New Implications analyzes the current state of the InsurTech world. There are approximately 400 startups that SMA has identified as relevant for commercial lines insurers. At this stage, the biggest areas of interest are small commercial (distribution) and workers' comp (loss control and claims). This follows the natural path of technology adoption in the insurance industry. Often, new technologies and solutions are tried for personal lines first, then move to small commercial.
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