Why are agents and brokers refraining from InsurTech investments while venture capitalists and carriers pile on?
Until recently, the insurance industry ran predominantly product-centric businesses. Carriers developed insurance products that could be sold to large swaths of consumers and businesses.
Insurance brokers took those same products and educated their clients on which policies might best fit their needs. If a consumer or business suffered an insurable loss, then a generic one-size-fits-most claims process was instituted to partly or fully remunerate the client.
A customer-centric model emerges...enter the InsurTech industry.