A thoughtful article from Matthew Grant considering that Insurance Innovation isn't simply about the obvious aspects of first world #InsTech startups, but also those under-insured parts of the world.
Combining the two are micro-insurance solutions that are only possible through the right technology - thus technology innovation and product/distribution innovation progress hand in hand.
Despite the lack of innovation in traditional insurance markets, innovation has been successfully driving change in parts of Africa and Asia. Today, over 200,000 farmers are covered by a new type of insurance for crop failure that offers a hint of what innovation may look like for insurers in the future. Making cashless transactions via mobile phones, only now starting to arrive in the developed world, has been prevalent for a number of years in Africa and parts of Asia. This convergence has spawned mobile microinsurance, which is now showing signs of standing on its own in commercial terms.
https://www.linkedin.com/pulse/innovation-insurance-we-looking-wrong-way-matthew-grant
