Nice read on the massive disruption potential in the insurance industry!
Entrepreneurs and investors have finally woken up to the opportunity in the insurance industry. At $831.5 million, investment in insurance tech this year is already up nearly 10 times what it was in 2010. The opportunity has been staring entrepreneurs and investors in the face for years. The first insurance companies in the U.S. were started in the 1700s, and that cottage industry has grown into one of the biggest markets and sources of capital in the world. Premiums in the U.S. insurance industry total around $1 trillion, or approximately 7 percent of gross domestic product. On top of that, insurance companies invest nearly $7 trillion in assets.