October 3, 2016
The relatively young but quite vibrant history of InsurTech proves that the industry has a lot of potential in causing significant transformation in the insurance business. Since 2013, insurance technology has been actively taking off and creating its own niche in the market. The use of disruptive technologies like big data, Internet of Things (IoT), mobile technology, AI, social network and blockchain are gaining momentum – and InsurTech firms are looking for a scope to capitalize it.
In fact, investors around the world poured $2.6 billion into InsurTech in 2015. There are already over 1,300 startups from across the world focusing on the insurance industry – one of the most massive and complex ecosystems with large and powerful corporate players already taking steps towards riding the wave of disruption.