Disrupting the insurance sector

IMAGINE a world where you could get car insurance based on exactly how far you drive or the number of minutes you spend in your car. Where instead of a one-size-fits-all travel insurance plan, you could have one quickly tailor-made for your exact needs, like extra insurance (just via the phone) the day you go bungee-jumping. Or imagine being able to file and receive claims painlessly and efficiently with just a few short swipes on your smartphone.

Such customer-centric innovations may already be commonplace in lots of industries but in the traditionally conservative world of insurance, much less so . . . until now. More and more insurers today are looking to embrace the latest technological developments that can bring about change at every point along the industry's value chain.

The financial technology (fintech) boom has been well-documented, and it continues to shape the financial institutions of our future. Hot on its heels comes the quieter but no less impactful surge of insurance technology (insurtech) - innovations being made by startups and insurers alike that have the potential to impact the entire industry.