Insurtech - Paving the way for transformation
Lucas Ooi | 27 Sep 2019 00:30
For decades, the insurance industry has struggled to shed its reputation of being a laggard in the financial space. It is constantly thought of as boring, complex, opaque and tedious – no thanks to all the paperwork involved.
With the advent of -insurtech, the entire industry is about to undergo a seismic shift - thanks to technology that facilitates innovation intertwining with the various parts of the insurance value chain – thus changing for the better the traditional way of doing business.
Unlike fintech, insurtech plays more of a transformative role than a disruptive one. It is expected to enhance the various components of the insurance value chain through innovation.
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