Whether InsurTechs should disrupt legacy systems in insurance with new technology or simply partner with insurers to introduce new efficiencies to existing technology is a question that’s been on the industry’s mind since InsurTech emerged, which was around 2010, according to the Insurance Information Institute.

“There’s a reason that insurance was one of the last frontiers when it came to adding tech to the end of its name,” said Rachel Jenkins, managing director at Founder Shield. “There’s lots of ins and outs. It’s very detailed. It takes many, many years to really understand the inherent risks in offering these products, so I think it’s useful when these InsurTechs can partner with companies that are a little bit more experienced.”