As I have said before, in the past 12 months the
conversation within the insurance sector has changed from could technology
impact our industry to when and how it will impact. http://tiny.cc/7slf6x
The next question is whether the industry will be able to
drive real innovation from within or will change come from external players.
It’s interesting to read that the sector should embrace technological change
but I worry that this is no longer possible when the pace of development is so
rapid and the potential for disruption can be game changing.
The challenge gets bigger when you consider the diverse
range of FINtech start-ups out there and the way they examine each element of a
sector through a digital lens to find new ways of solving old, new and future
Over the next 5 years technology led change will dominate
the sector – how the industry responds and what the resulting landscape will
look like is up for debate.
Investments in fintech have doubled since 2014 and reports suggest that the insurance sector represents a huge opportunity that has yet to see real innovation, making it a huge target for start-up disruption.