How Data Analytics And IoT Are Driving Insurtech Growth

Technology is driving change in every industry and region around the world and insurance is no different.

The financial services sector is a good example of how digitally disruptive technologies such as artificial intelligence, Big Data and mobile-first banking experiences have paved the way for innovative fintechs.

The insurance industry is no different. According to a report by Accenture titled The Rise of Insurtech: How Young Startups and a Mature Industry Can Bring Out the Best in One Another, for example, there is a growing recognition that “the insurance industry will ultimately see the greatest benefit - and the highest levels of disruption - from this global upsurge in innovation”.

Accenture also found that insurers are facing increasing pressure to go digital in order to compete with emerging technology and insurance startups.