“Insurance is the next FinTech,” is a buzz phrase that has spread through VC circles over the last 12 months. And indeed, insurance technology startups raised over $2.6 billion in 2015. Among the notable recipients were Oscar, Zenefits, Clover, PolicyGenius (portfolio company of ours) and Lemonade. Certainly the insurance space feels a lot like financial services did five to 10 years ago, when startups — including LendingClub (founded 2006), Betterment (2008), Square (2009) and many others — began changing the day-to-day business of finance. The FinTech comparison isn’t completely accurate, but there are some key parallels in terms of the opportunity