While the insurance industry might not be full of Amazons and Apples, the state of innovation in the sector isn’t anything to scoff at, even outside of the investment in insurtechs that smashed records in Q1 2019.
“It’s really exciting that for an industry that’s over 150 years old, we’ve seen more change in the last three to five years than we ever have before,” said Sophia Yen, insurance strategy and innovation leader at EY. “I think there’s a lot that is happening in the industry that’s causing the drive for innovation, largely our continued softening market as well as everyone’s pursuit and drive for profitable growth.”
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