Start-up funding

Carrier venture arms and Silicon Valley stalwarts alike continue to pour money into startups promising to revolutionize the insurance sector.

The company partners with National Guardian Life to sell insurance coupled with connected toothbrushes in 16 states.

The star-studded funding round includes money from funds associated with Jay-Z, Kevin Durant and Robert Downey Jr., indicating insurtech's broadening appeal.

The $724 million in deal volume so far this year is a significant increase from the same period in 2017, say Willis Towers Watson and CB Insights.

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 insurtechs showcased their platforms and the potential use cases for the industry, in areas such as claims, customer experience and underwriting.

The insurer set up an innovation lab in 2016 with SVP of Commercial Auto Kim Garland at the helm, but also keeps a sharp eye out for transformation occurring outside company walls by insurtechs.

The NAIC's three-year plan to adopt emerging technologies and a newly announced focus on distracted driving are sure to catch carriers' eyes.

The cash and companies are flowing in, but there are still only a small number of visible use cases that have made a difference in the industry.

Startups and their carrier and venture capital partners are looking to cooperate to transform the insurance industry, not simply 'disrupt,' says panel.