Millenials solutions are hot these days, Itembase and others are trying to approach same opportunity from a different angle. To date still to be seen how fast this will take off....especially from an economics point of view.
Millennials, the largest generation since the Baby Boomers (their parents), have almost no relationship with the insurance industry. This is in part due to low rates of home ownership –and a general malaise toward renter’s insurance. You’d be hard pressed to find an industry bigger than insurance that has yet to be disrupted by technology, particularly the rise in mobile. More than $1.2 trillion in property casualty premiums alone were paid in 2012, with this coverage all priced and sold nearly identically to how it was for the last several decades. But there’s a sea-change coming. Trov, a three-year-old company founded by former DebtMarket and C2B Technologies founder and Scott Walchek, is eyeing this massive opportunity.
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