Insurtech: insurance + technology; or technological innovations or companies designed to help make the current insurance landscape more efficient.
Categorically speaking, classifying ourselves as an insurtech is our only option. All technology companies that play in the insurance space are immediately classified as insurtech companies.
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 cater to the independent agent. All are valuable in our own ways and yet all are being lumped into the same insurtech space.
The problem with the word 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.
It’s time to change the narrative, rewrite the story of insurtech.