August 4, 2016
The insurance industry is one of the most exciting areas of innovation with the highest disruption potential for tech-powered startups. In 2015, more than $1.2 billion was invested in InsurTech startups – 6 times the amount invested in 2010. According to a 2015 report from WEF, The most imminent effects of disruption will be felt in the banking sector; however, the greatest impact of disruption is likely to be felt in the insurance sector.
Application of the latest technological advancements across industries is known to bring positive implications both for businesses and for consumers. AI, big data, IoT, blockchain technology and new business models applied in the insurance industry in recent years have proven the importance of tech-led transformation in traditional spheres.