Insurtech- What is it

Updated: Oct 13, 2021

"Insurtech is the use of technology innovations designed to make the current insurance model more efficient."

Many people do not realize that Columbia is the birthplace of Insurtech and that it is home to some of the top insurance technology talent in the world, with dozens of companies from across the world represented by the work done right here in our city Blythewood- based Policy Management Systems that was founded in 1974 as a division of Seibels Bruce was the first to automate core insurance enterprise functions that had historically been performed manually. Since then hundreds of technology companies followed that lead, resulting in today’s multi-billion-dollar industry that spans the globe.

Columbia Economic Development hosted a webinar that explores the future of the Insurtech industry and Columbia’s role in that future. Columbia is the number four city in the nation for attracting millennials, and in the top five for high-tech employment growth. We were placed in the top fifty best cities to start a business in 2020 by Inc. Magazine. Combine these things with the incredible amount of talent, both young and seasoned, we believe we will continue to be an industry hub with the ability to drive transformation and influence the future.

For visibility into what the Insurtech industry future will look like, check out our webinar The Future of Insurance Technology is Now, featuring six young insurance professionals who are already very accomplished and contributing a significant amount of value to both the industry and to Columbia’s standing in it.

About the author

Kay Hampton is the Deputy Director of the City of Columbia Office of Economic Development. Columbia Economic Development (CED) serves as a catalyst for businesses, developers, investors and partner agencies who are focused on growing the local economy and high-value industries.

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