AI: Move over FinTech - InsurTech is here and its got bots

Insurtech -- AKA insurance technology -- is the catch-all term to describe the new wave of startups and innovation that are changing the decades-old sector. Developments such as the Internet of Things (IoT) connecting millions of devices and artificial intelligence (AI) in particular are two of the major trends that are making headway in insurance. Insurtech has been named the new fintech in part due to the amount of funding the new sector has started attracting. Research by Willis Towers Watson Securities, the investment banking boutique, found that tnsurtech startups attracted $238m in investment in the first quarter of 2017 alone, showing that the technology is starting to take off. Technology now has the ability to change, or at least improve, the customer relationship and AI is at the centre of it.