"J.D. Power, which focused mostly on the auto insurance industry, found that just six percent of prospective customers were aware of at least one of the following insurtechs: Lemonade, MetroMile, Trov and Sure. Less than half of shoppers who knew of a given insurtech provider said they’d consider doing business with the firm in the future, J.D. Power said."
Insurance Journal May 2 2018
Most insurtechs are focussed on delivering digital innovation to incumbent carriers so the J.D. Power research is not that surprising but does give rise to another question.
Is there a place for full-stack insurtechs or will they be squeezed out or acquired by incumbent carriers?
45 percent of auto insurance shoppers use multiple channels when purchasing a policy, underscoring the need for insurers to develop digital abilities for their various business processes.