A 2019 article focusing on insurance underwriting by McKinsey stated, “Based on our observations, anywhere from 30 to 40 percent of underwriting’s time is spent on administrative tasks, such as rekeying data or manually executing analyses.”

For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.

Insurtech continues to emerge and evolve, and it’s touching every aspect of the insurance ecosystem. As consumers use intuitive, user-friendly customer service technology in nearly every aspect of their daily lives, they expect the same level of innovation from their insurance carriers and providers. More than ever, insurance providers need insurtech solutions to help them do their jobs faster and with higher quality.