The rise of InsurTech does not mean the fall of insurance agents
The insurance industry is at the beginning of a technological renaissance led in large part by millennials and younger buyers. These consumers value digital and streamlined purchase processes and are particularly open to industry newcomers.
And there are newcomers aplenty — more than 1,500 new tech-driven insurance companies entered the market in the last five years. InsurTech has become a force to be reckoned with, heralding a massive shift away from legacy insurance institutions.