FinTech Magazine March 2020 | Page 44

INSURANCE
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A s the technological transformation of the global business landscape continues , more and more industries are feeling the pressure to embrace the potential of digital solutions , or be consigned to the scrapheap . In the unending quest for legacy industries to stay agile and avoid disruption , leading edge technologies are fusing with existing business models to create new , tech-driven disciplines . Fintech has been one of the great success stories of this trend , as financial institutions harness the power of artificial intelligence ( AI ), big data and multiplatform customer experiences ( CX ) to meet the expectations of their customers .

One subset of the fintech space that ’ s proven to be ripe for innovation and disruption in the past few years is the insurance industry . As one of the oldest financial businesses , insurance has traditionally been a market that ’ s slow to adopt , cautious and favours those with deep pockets who already have a seat at the table .
Embracing new avenues for value creation are a new breed of companies . Fusing leading edge technology with a venerable profession ( much like the 1980s cult classic Robocop ) “ insurtech ” ( insurance is to law enforcement as value-added digitalisation is to cybernetic abs and a big gun ) is applying data analytics ,
MARCH 2020