Tech insurance disruption, a reality in 2018
Thursday, 03 22 2018, Category: Technology, Country: World
2018 could be the year where re/insurance industry disruption from technology giants becomes a reality as new entrants such as Amazon and Google threaten established models, heaping further pressure on traditional insurers, according to Clyde & Co’s Insurance Growth Report.
To remain relevant in coming years traditional players have to revamp models, particularly where tech giants already have monopolies on web-based ecosystems and potential re/insurance distribution platforms.
In 2017, InsurTech became a mainstream driver for insurance sector growth, as funding volumes rose by 36% to $2.3 billion, according to a recent Willis Towers Watson report.