Insurers face increasing threat from InsurTech start-ups
Friday, 04 01 2016, Category: Insurance and Reinsurance, Country: United Kingdom
Competition within insurance is a significant factor affecting growth, with an increasing challenge from start-up InsurTech companies, according to the latest financial services survey published by PwC and CBI.
An InsurTech can be described as a firm or a specialist that uses technology to either compete in, or provide solutions to, the industry.
Jonathan Howe, UK insurance leader at PwC, said: “There is an ever-increasing threat from start-up InsurTech companies which are setting the benchmark for communicating and analysing customer needs and breathing down the neck of incumbents.
“These start-ups are currently small scale compared to the industry but they have the potential to have a major impact”.
Source: The Actuary