Is This The End Of The Insurance Agent?
Similar to how FinTech reshaped financial services in 2015, it is now InsurTech’s turn to switch up the elements of the insurance industry. Using new technology advancements such as cloud computing, smartphone hardware and apps, InsurTech is set to transform old processes and enable new ways for customers to obtain and remain insured, while allowing insurers to connect digitally with customers. In the past year alone, this growing segment has increased three-fold – from US$800 million in 2014 to more than US$2.6 billion in 2015. The upward trajectory has continued into 2016, during which the first quarter has witnessed more than 45 deals worth over $650 million in funding. The Main Drivers of InsurTech So, what exactly does InsurTech cover? Contrary to popular beliefs (and misconceptions), InsurTech is more than the mere provision of insurance plans through technology. According to Startup Bootcamp, it comprises of up to seven major components: Data Management Peer-to-P