To digitize the insurance customer journey, industry leaders are turning to insurtech—a branch of fintech that exploits the latest technological trends and developments, including artificial intelligence, the Internet of Things (IoT), advanced analytics, and mobile technology.

Although fintech has been an established sector within the financial services industry for some time, “insurtech” did not exist just a few years ago. Today, incumbent carriers and brokers—as well as investors in the insurance industry—are increasingly turning to insurtech startups. The number of these startups, while growing, remains small—but their quality is high and their ability to engage with carriers is impressive.

The newness of the insurtech trend might make some large incumbents hesitate to take the plunge, but the good news is that it’s possible to dabble in what insurtech has to offer. A partnership with an insurtech organization can move carriers away from inflexible, established IT architecture and down a path toward a complete digital transformation.

The FinTech Control Tower

The FinTech Control Tower is a research framework and vast database of new fintech and insurtech startups, developed jointly by BCG and Expand Research. It identifies and assesses the impact of initiatives, technologies, and companies that matter most in today’s fintech ecosystem.

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