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InsurTech World

| less than a minute read

Insurtechs Haven’t Yet Made Impression on Public

"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.

Tags

insurtech, insurance, carriers