A tiny group of start-ups is out to take on a $1 trillion industry.
While financial technology investments have gained attention, and perhaps some notoriety, in the last 12 months, insurance applications are starting to get interest from corporate behemoths and venture capitalists alike.
The insurance technology, or insurtech, industry is still in its infancy. But a number of companies that recently raised millions from top venture investors and partnered with global incumbents are offering products and services including policy comparison services and peer-to-peer insurance.
Investments in insurtech hit a new peak in the first quarter of 2016, with 47 companies getting funding, said Anand Sanwal, CEO of venture capital database CB Insights, which this week in New York hosted a panel on insurtech companies.
"The corporates have gotten really active" doing deals in the space, he said at the event.