Email: Password:
Forgot Password

News Archive

Back to List Back to list
Previous Article Next Article

The "new frontier"

21 Mar 2017

Innovators and investors are shifting focus from banking to insurance, according to the International Association of Insurance Supervisors (IAIS).

In a new report on insurtech, it says as banking becomes more competitive, insurance is seen as the “new frontier”.

“The level of investment in technology within the insurance sector has historically lagged behind the banking sector,” it says.

“However, as the banking sector matures, innovators are seeking to disrupt other financial services – insurance is viewed by many as the next great opportunity for investment.”

The IAIS warns the growth of insurtech is inevitable, and implications for established insurers could be significant.

“These start-ups are targeting all areas of the insurance value chain – from marketing and distribution through to underwriting and pricing of risks, and ultimately to settlement of claims,” it says.

“In most cases individual start-ups are focusing on improving specific aspects of the value chain and collaborating with incumbents, but there have also been limited examples where start-ups are looking at ways to remove the need for an insurer – using peer-to-peer type business models.”

 - insuranceNEWS

Previous Article Next Article


Professional IQ

Professional IQ College

Workshops, Online courses, webinars and Qualifications. For upcoming events         click here

Latest Papers:

Closing the Gap - Insuring your business against evolving cyber threats

iNavigator iNavigator Media Center
Provides access to a wide range of industry related media resources

Covernote Cover Note
IBANZ quarterly magazine for the latest on the intermediated insurance market.

Gary's Blog Gary's Blog
Comment on current issues.

© Copyright IBANZ, all rights reserved. Private information collected for this website is governed by our Privacy Policy. Read our Terms & Conditions
Powered by streamSWEET CMS