Over the past five years, InsurTech investment has fueled a significant uptick in the availability of InsurTech solutions looking to streamline inefficient processes. Independent agents who are leveraging these solutions to modernize their business are growing three times faster than average.
In 2019, 45 percent of $6.3 billion of global InsurTech investment went toward streamlining the quote and binding process. (Source: Willis Towers Watson, Quarterly InsurTech Briefing for Q4 2019, January 2020) Hungry for anything that improves the status quo, agencies are adopting these solutions at a rapid pace, leaving carriers scrambling to pick winners out of a growing candidate pool and rushing to integrate with as many as possible.
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