Two years ago, we noted an important crossroads moment for the insurance industry. There had been a wave of announcements from Google, Overstock, and others about entering the insurance market — only to exit a year later. Many saw this rapid retreat as validation that insurance is too complex, regulated and capital-intensive for outside players to gain meaningful traction.

Several tech and insurance analysts, consultants and experts — including Valen Analytics — warned against this line of thinking. The innovation economy has taken hold across all industries. Even if early efforts fail to pan out, disruption in insurance is the new norm. What we've seen since is an industry coming to terms with the reality that innovation is critical to sustaining and growing a profitable book of business.

This shift has divided the industry, with polarizing viewpoints shaping the trajectory of the market.