#InsurTech: One more sign of the Insurance Renaissance | PropertyCasualty360

Significant capital investment in InsurTech for new insurance greenfield or startup companies is fueling massive innovation in products, services and business models, and de novo options. (Photo: iStock)

Just prior to the Italian Renaissance, guilds were formed in Florence and throughout Italy to bring together people of like occupations under a social network.

Their purpose was to agree upon standards and rules, represent the group to government, improve upon their art, science or trade, and to provide support services to families and widows when needed.

Working together, these guilds fostered Renaissance attributes. They were patrons of the arts. They contributed to the advancement of medicine and technology. They advanced construction methods and learning in all spheres. In fact, the end of many guilds was brought about when they were merged into universities. What the Renaissance did was create a cultural bridge from the Middle Ages or past to modern history.

However, the Renaissance didn’t just sprout up overnight. It was spurred on by a convergence of factors, the greatest of which was increased wealth. Trading in Florence had produced a new class of financier who was willing to fund artistic and scientific endeavors. Wealth created ease. Ease allowed time for thought and innovation.

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Innovations in practical sciences, such as mathematics and architecture, benefited from broader thinking. Fast-forward to today and the comparison to that time is striking, with a similar influx of money and a new class of insurance technology investment via InsurTech.

InsurTech as a concept has grown to become, not an official organization, but a collaborative movement. It has become a bridge from the

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