From full-stack underwriters to agents and brokers, we break down the US-based insurtechs reshaping how policyholders get coverage.
Business-to-consumer (B2C) insurtechs continue to permeate the US insurance landscape, augmenting sales channels and offering customers alternative options to buy insurance.
B2C insurtechs use tech to distinguish their offerings from established B2C insurance companies in various ways, from gamifying wellness for policyholders to embedding insurance points of sale on third-party platforms.
Even so, the lines between B2C insurtechs and established insurance companies are increasingly blurred. Many B2C insurtechs partner with incumbents to sell insurance products, while others compete to sell insurance products to the same potential policyholders.
Like incumbents, B2C US-based insurtechs broadly fall under 3 business models:
- Intermediaries without underwriting authority — i.e., conventional producers (agents and brokers)
- Intermediaries with delegated underwriting authority from one or more insurance carriers — i.e., managing general agents (MGAs)
- Full-stack underwriters — i.e., carriers
In the market map below, we identify 70+ US-based insurtechs transforming the B2C insurance landscape across 14 different markets.
Please click to enlarge.
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