Economic uncertainty is leading to a challenging funding market for InsurTechs, and John Swigart, co-founder and CEO of Pie Insurance, said he doesn’t see that changing any time soon. This means InsurTechs will likely need to adapt if they want to remain in the space.

“I think the funding market is going to continue to be challenging,” he said during Carrier Management’s May InsurTech Summit. “I don’t know for how long that’s going to last, but it’s probably going to outlast a lot of companies’ cash positions, frankly.”