As if the sector had read the recent posts by me and John Risness proclaiming that Insurtech is somewhat behind banking fintech, along comes not one, but two recent developments.
First, AIG have started to offer a product designed to protect investors on equity crowdfunding platforms from fraud. It won't be available in respect of all equity crowdfunding platforms, but could add an additional air of credibility to those which AIG chooses to insure. In my view, this is a move that might increase the number of investors on crowdfunding platforms - particularly those who are more risk-averse.
Second, Swiss Re have launched an Insurtech accelerator. A number of areas are expected to be covered by the programme, including the internet of things (home, industrial, health and motor), systems of engagement (innovative distribution channels and models, digital assistants/ Robo advisors) and smart analytics (across the insurance value chain).
Slow moving? Happy to eat my words.
AIG will sell the coverage only to those portals it has determined have adequate processes in place to check out backgrounds of the businesses they allow to sell equity stakes, Mr. Baugh said.
