The emergence of insurtech is a result of a digital revolution that has been brewing since the invention of the mobile phone in the 1980s. Since then, consumers have begun to appreciate and demand digital solutions for their purchases. Everything from carsharing to streaming seasons of their favorite episodes is evidence of this demand.
With the continuous demand for digital-first experiences, the introduction of insurtech in the life insurance industry feels inevitable. However, the recent pandemic really brought a need for digital solutions to the insurance industry.