From Boys II Men: The Maturation of Insurtech

I began my Insurtech journey in the early days, back when the term was just beginning to catch on (as was the debate on how to spell it correctly) and companies like mine—WeGoLook—were some of the first to make a true impact on legacy insurance processes. WeGoLook was also one of Insurtech’s earliest successful exits, selling to a global TPA. I attended the very first Insuretech Connect conference and witnessed the industry start to take shape. Fast forward to 2024, and both Insurtech and the expectations around what technology can achieve for the insurance industry have matured significantly.

The Early Days of Insurtech: Learning to Walk (2018-2019)

Back in 2018 and 2019, Insurtech was still finding its footing. The sponsors at ITC reflected this early stage of innovation, with companies focused on niche solutions and exploring how technology could improve workflows, customer service, and data handling. There were fewer mature players and more early-stage startups trying to make a name for themselves.

In 2018, with $4.15 billion invested in Insurtech globally, Salt-N-Pepa took the main stage at ITC. I couldn’t help but think of how carriers and TPAs were just beginning to sprinkle Insurtech onto the main course of what they were serving up to policyholders. By 2019, Billy Idol helped close the year with a Rebel Yell—a fitting anthem for Insurtech founders, many of whom were still slugging it out, trying to find their version of a "White Wedding."

But the interest was genuine in 2018, with 6,000 attendees and 200 speakers coming together at ITC—remarkable for what was still a relatively young industry. Companies like Snapsheet were already showcasing how digital platforms could disrupt traditional models. But we were all still figuring out the best use cases for RPA, automation, and digital platforms. Back then, if you asked a carrier about APIs, most were unsure if they had one, much less how to leverage it (a stark contrast to today).

The Teen Years: Rapid Growth and Ambition (2020-2021)

By 2020, Insurtech was no longer an experiment—it was becoming a necessity. The COVID-19 pandemic rapidly accelerated digital transformation, and Insurtech responded accordingly. Global investments in Insurtech topped $7 billion, and the range of technologies being showcased at ITC grew exponentially. Startups explored AI-powered claims processing, data analytics, and on-demand insurance models.

For me, this was a pivotal time. The industry was quickly shedding its "startup" persona, positioning itself as a core part of the insurance ecosystem. Speaking of ecosystems, Kenneth Knoll and I brought an Australian platform to North America and began creating an ecosystem for service providers (which would become Eberl Claims Service FLEX Repair).

I don’t clearly recall who the entertainment was in 2020—it was all a blur! But 2021 truly summed up the previous and current years in a single word: Ludicrous. After months apart and being homebound, we were all ready to lean into Insurtech more than ever.

Maturity and Innovation: Insurtech in its Prime (2022-2024)

Now, in 2024, Insurtech has matured significantly. The ITC stage has evolved into a gathering of over 9,000 innovators, from startups to established market leaders. The scale and breadth of solutions are staggering—AI, automation, and data-driven solutions are the backbone of today’s industry.

For example, my current company, Agentech , embodies this new wave of Insurtech. Our AI-powered Agentic Agents don’t just help carriers process claims faster; they fundamentally shift how adjusters work by handling repetitive tasks and improving productivity by 4x. We’re enabling the rapid sharing of data through interconnected technologies, integrating Agentic Agents with solutions like FNOL automation and document AI to streamline every part of the claims process.

The Boyz II Men Analogy: Growing Up Together

The closing night stage of ITC 2024 featured Boyz II Men performing—a fitting metaphor for how Insurtech has grown up. In the early days, we were collectively the "boys" (and gals) of Insurtech, testing ideas and figuring out where we fit in the vast insurance landscape. Today, we’ve matured into the "men" (and women) of the industry, delivering refined, powerful solutions that address real-world challenges.

As with any journey, the road wasn’t always smooth. We’ve faced regulatory challenges, technological barriers, and even slow adoption or complete implosions of technology within larger organizations. But, just as boys grow up and find their place, Insurtech has also found its place at the core of the insurance world. We’re no longer the new kids on the block—we’re integral to how the industry operates.

The Women of Insurtech: Driving Innovation and Leadership

While Insurtech has grown up, so too has the representation and leadership of women in the space. The women of Insurtech are making an indelible mark—leading companies, driving innovation, and pushing the industry forward. From founders to executives, these women are not only reshaping the future of insurance but also paving the way for the next generation of leaders. Thank you, Denise Garth , Sabine VanderLinden , Henriette Fleischmann , and so many others for leading the way.

Looking Ahead: Continued Growth and Innovation

What’s next for Insurtech? We’re moving from individual solutions to fully integrated ecosystems. With the backing of $3 million in funding, Agentech is focused on creating an interconnected platform of AI-driven solutions, expanding beyond pet insurance into areas like P&C, workers’ comp, and more. Just as Insurtech has matured, so too have expectations around the technology—this is no longer about "what could be." A great example is how Reserv and CJ Przybyl are leveraging all the tools in the technology toolkit (and then some). It’s about what is and how we continue to innovate.

To my fellow Insurtech founders, carriers, and technology providers: let’s keep growing. Let’s keep building. Because we’re just hitting our stride!