Summary List Placement
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Insurtechs globally are challenging the status quo of the insurance industry. By using new technologies, including machine learning (ML) and AI, they’re overhauling conventional processes of the insurance value chain to increase efficiency and enhance the customer experience.
There are two types of customer-facing insurtechs: managing general agents (MGAs) that team up with licensed insurers and leverage their authorization to sell policies, and full-stack insurtechs that operate using their own insurance license. The latter are competing head on with incumbent insurers as they own the whole value chain, including claims management and underwriting, and don’t have to share their revenue with an insurance partner.
Full-stack insurtechs were able to secure large funding rounds in the past few years and made up over half of the overall insurtech funding total in the US during the first nine months of 2018, per S&P Global. With the help of big capital injections, these companies have been able to grow their businesses and dip into …read more
Source:: Businessinsider – Finance