Fintech 4.0: revisiting insuretech
This original post is now published on The Startup and the preamble is quoted below.
Read the entire analytical post here.
The concept of insurance dates back to ancient history with the first form of written policy appearing in the code of King Hammurabi, some 3,800 years ago. Merchants who borrowed funds would pay a small fee to lenders, and in exchange, the lenders would cancel the loan in case goods were lost. Fast forward to today, and it is a nearly $5 Trillion global industry. It is often thought of as a slow-moving conservative sector resistant to change, but the unprecedented pace of innovation is dramatically changing the insurance industry landscape. Changing demographics and consumer behavior, shift from asset ownership to renting, increased interconnectedness, the emergence of shared economy and Airbnb business models, are having a profound effect on the sector. A.I., IoT, and decentralized ledger technologies (DLTs) are key enablers for the sector to respond to these trends, streamline operations, reduce costs, and provide innovative insurance solutions. Let’s take a look at the opportunities for innovation in the sector and where the change is already happening.
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