It may seem daunting for carriers to navigate all the advancements happening in technology, but there are key items to keep in mind, says EY's Sophie Yen.

These industry newcomers from Plug & Play's summer program are focused on providing solutions that insurers in any line of business can use.

The insurance industry in the midst of major structural changes, led by those willing to take risks and go against the inertia of a venerable sector.

Applications include the faster delivery of claims payments, identifying fraud and leverging connected IoT data for improved actuarial models.

These carriers and others have begun to consolidate efforts under executive-level leadership, with mission statements and budgets to match.

Carriers cite the speed of product development in these programs and the ease of access to dozens of startups in one location as major benefits of these relationships.

The industry isn't as reticent to adopt new technologies as it has been viewed, but its patience has advantages with quickly evolving segments.