As today's younger consumers move through adulthood, their impact on the insurance industry will be heightened. So keeping a keen eye on young consumers is key for insurers. (iStock)
The term "InsurTech" is becoming as common as insurance itself. In fact, InsurTech deal values have increased 32% YoY as investors and insurers alike look to revolutionize the industry and profit from it, according to EY's "Global Insurance Trends Analysis 2018." And these investments impact everyone in the insurance supply chain including insurers, brokers, agents, vendors and customers.
Tech differentiates insurers
Today insurers are being tasked with either developing the right technology or partnering with the right start-ups to stay ahead. AXA Venture Partners was established with that explicit goal in mind: Invest in tech start-ups that can redefine the insurance value proposition. At the same time, AXA Venture Partner's start-up firms get the benefit of being in the AXA network and tapping into industry knowledge and risk management offerings.
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