In the connected economy, there are simple business models (think subscriptions), complex business models (think platforms like Uber), and then there’s insurance.
The insurance sector is so large and complicated that it’s hard to get a read on how big it is. Some estimates put it at $12 trillion cutting across health ($1.3 trillion), property and casualty ($1.5 trillion) and auto ($652 billion). And that’s just three categories.
“Insurance is one of the most complex markets on the planet,” One Inc CEO Ian Drysdale told PYMNTS, adding it is sorely in need of a digital overhaul — and there are still $500 million worth of paper checks flowing in the United States alone.