Hot on the heels of fintech, insurtech is on the rise
By Teamspirit on Thursday, 21 July 2016
Fintech is no longer the new kid on the block. Now, insurtech is taking the same disruptive approach to the insurance industry.
Over the last 18 months over 100 insurance startups have launched, a lot of them already drawing the attention and investment of major industry brands.
Caught between needing to connect better with customer needs but slowed down by high cost bases and less-than-nimble infrastructures, reaching out to these new players is a natural move.
But, industry figures are keen to point out that this is all about enhancing insurance services rather than turning the whole industry on its head.
While there are some startups that really want to reinvent the insurance wheel – some are working on bringing the old mutual model into the digital age via distributed ledger technology – the majority are exploring how to make the insurance process more intuitive and user-friendly, and less wasteful and expensive.