Insurance Industry Shake-Up
Technological innovation is disrupting the way consumers and small and midsized businesses purchase insurance, with a shift to a digital-first experience that’s shaking up the industry. Kelly Galanis from the Goldman Sachs Investment Banking Division explains key trends pushing the industry to adapt, including the use of telematics to provide behavior-based pricing and highly specialized, on-demand policies. “If I’m going skiing and I want to insure my skis on the slopes, I can turn on the insurance of the skis while I’m on the slopes and turn off the insurance after I’m done skiing,” Galanis explains. As emerging insurance technology companies find new ways to engage with customers and improve their overall experience, large-scale carriers are also investing, partnering, and in some cases pivoting to compete head to head.