A summary of seven startups looking to revolutionise the insurance industry.
Though it is worth commenting here about the ubigitous use of references to Uber. Yes, they have revolutionised an industry so it's certainly with aiming to emulate them, but what has impressed is their speed of growth and what has allowed this is their capital-light model. What easier way to grow than to apply your brand and technology with no need for any capital investment (short of a local language app)?
Yes, the insurance industry should fear (and embrace) disruptive new entrants but what really changes the game is the ability to grow uncontrained by capital needs. Cracking this will allow for the "Uber of insurance"
Insurance is ripe for disruption, and given the conservative nature of the reigning carriers and large brokers, it is a fair guess that a lot of innovation will come from outside the industry. A few weeks ago, this article touched on how innovation is affecting the financial services industry, but the focus was very much on banking and investing. Today, we aim to expand on this author’s work by focusing on new entrants that are working on disrupting the insurance industry.