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Investors are loving insurance tech right now
And that’s not going away any time soon
TechCrunch on June 7, 2016
It’s been said again and again that the insurance industry could stand to have better websites and better apps. There’s a lot of pressure to appease young customers. And reports about dissatisfaction with the industry’s digital upkeep make it seem like there’s a long way to go, but the bright side is that investors have noticed, and they’re interested.
That’s what a TechCrunch story says when it asks, but why are they so interested?
The answer is a long list of things that rounds out to one: there’s plenty of opportunity for disruption.
Read: J.D. Power says insurance websites not keeping up with digital demands
Customers are changing. They want to be able to understand their policy without the face-to-face interaction. New ventures like Lemonade Inc. are raising millions from investors to try and solve that. Lemonade calls itself the first peer-to-peer insurance company and one of its goals is complete transparency for the customer.
Read: A Tinder-like insurance app for Millennials
There’s risk here though. The TechCrunch story warns that, in all the excitement for investors to pour millions into new ideas, staying in line with regulation might become an afterthought. But there are plenty of insurance startups like Turo and Zenefits that serve as a reminder not to storm in blind.
Investors are loving insurance tech right now
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