Faced with serious competition from a new breed of tech-savvy startups and mounting consumer expectations for efficient digital experiences, the insurance industry — long seen as slow to embrace innovation — has for years been investing in digital transformation.

The pandemic, however, accelerated the market, underscoring the urgency of digital innovation while at the same time creating a climate in which it’s all the more challenging. This incongruent dynamic strengthened the position of insurtech startups, whose nimble, digital-first approach has equipped them well to navigate this unusually turbulent period.