Increasing Efficiency of the Insurance Model Through Technology Innovations

This document is a guide that discusses the InsurTech sector and its anticipated growth, projecting a 41% annual increase from 2019 to 2023. It outlines the role of technology innovations in enhancing the efficiency of traditional insurance models. The text emphasizes the importance of collaboration between established insurers and InsurTech startups, highlighting the mutual benefits derived from integrating advanced technology with existing customer knowledge and capital strength. Additionally, it details various services offered by Faegre Drinker, including algorithmic validation, data governance, compliance with regulations, and support for technology transactions. The document also provides examples of success stories, showcasing the firm's involvement in patent work, digital marketing policy development, and advising on privacy and insurance law matters. The guide serves as a resource for various stakeholders in the insurance industry, including startups, insurers, and service providers, aiming to navigate the evolving landscape of InsurTech.