Insurance industry gets a digital makeover
Behonce Beh | 08 Dec 2017 00:30
Policy Street CEO and co-founder Lee Yen Ming (left) and U for Life Sdn Bhd general manager Kenny Thing believe insurance products must keep up with consumer needs

Taking the cue from the popularity of financial technology (fintech), insurance technology (insurtech) is here to disrupt the insurance industry with digital innovations.

On the local front, insurers are already forming partnerships with technology solutions providers and have been rolling out new solutions to cater to the changing market demand.

What was previously a supply-driven market, insurtech brings the consumer to the forefront by reducing the many layers of distribution and connecting them directly to the solutions.

For starters, it is now possible to purchase a term life insurance policy online without the need to speak to an agent.