In a 12-step routine toward self improvement, the first step is usually coming to terms and acknowledging there is a problem. The insurance industry is coming around to that point. The problem is that technology has moved consumers on, but insurance still requires lots of paperwork and time on the phone.
Recently we've seen Lemonade boasting about their 3-second claim record. By many insurance company claims standards, at 3 seconds in, the customer is in the early stages of listening to the menu choices as they try to navigate the telephone menus trying to get to a person. 3 seconds is truly amazing.
Now that we can admit we have a problem, we are ready for step 2 - finding a greater power. This is where InsurTech comes in.