It didn’t surprise anyone in the industry when insurance was called “one of the sexiest categories in tech” last year in Fortune magazine.

Executive Summary

While only a handful of auto insurers have embraced the first wave of innovation in the insurance industry around streamlined buying experiences, two more waves are coming up quickly—underwriting based on new data sources and embedded insurance, writes Kin Insurance CEO Sean Harper. Jumping to the third wave isn’t impossible, but it’s harder than it seems, he believes.

Insurance is already a huge part of people’s lives and the economy. You don’t have to work in insurance for it to meaningfully impact your life in some way.

It makes sense that investors are taking a real interest. According to Crunchbase, U.S. insurance and InsurTech companies secured almost $5 billion in funding by mid-December 2019, and that number is only projected to keep growing. After all, insurance is an inherently digital product—but the industry needs to evolve to deliver on that potential.

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