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Why do we hate the word insurtech?

October 24, 2019

For starters, does it have an E after the R or not?

Hate is a strong word. However, there is no better word describe our feelings towards the insurtech movement, yet we still use it to describe ourselves. Why is that?

Categorically speaking, it’s our only option. All technology companies that play in the insurance space are immediately classified as insurtech.

Don’t get me wrong, the insurance industry needs innovation, but innovation comes in many different forms.

There are insurance technology companies specifically designed for life insurance, others for Property & Casualty, some for direct to consumer and others (like us) that only cater to the independent agent. All are valuable in our own ways, but do we really all fall into the same category?

The problem with insurtech is it has the tendency to be polarizing. Some hear the word and immediately assume that they are solving an issue that has plagued insurance for years while other hear the word and immediately think they’re intruders in the industry. Our customers fall into the latter of the two. Agents understand the need for technology but sometimes assume insurance technology companies are out to replace them. Well, some are, but we aren’t.

Maybe it’s time to change the narrative, come with our own description. Agencytech? Doesn’t have the same ring to it but at least we’re moving in a new direction.