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Why the explosive growth in Insurance Tech?

Why the explosive growth in Insurance Tech?

Wondering how many new companies there are in the insurance tech space today?  There is no consistent definition of what constitutes an insurance tech  (or instech) company, but Axa Strategic ventures fund, which invests between $100,000 and $10 million have looked at over 1,000 companies in this space according to Minh Q. Tran, one of the founders of the $230m fund.