Most are embracing InsurTechs as an important part of the insurance ecosystem with roles as catalysts for innovation and change. (Photo: Shutterstock)
The InsurTech movement has been underway for the better part of a decade. Now that we have entered the 2020s, it might be worth exploring what could be on the horizon for InsurTech over the next 10 years.
InsurTech has evolved from its origins in the early part of the last decade (as an offshoot of the FinTech movement) and quickly gained momentum over the last few years to experience a strong close in 2019. Along the way, there were rumors of its demise — maybe it was a wish made by those hoping InsurTech would just go away and stop creating new competition or driving the need to innovate. Along the way, there was also plenty of hype. Some even predicted massive disruption and the decline of the incumbents. But, as is often the case, the truth falls somewhere in the middle.
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