The next wave of innovation in insurance: insurtechs remain enablers or become disruptors?

The insurance industry in Asia has changed very little in the last few decades. Insurance products have largely been underwritten on the basis of aggregated data with a cost-plus mindset since the advent of the semiconductor! In this period, we have moved from punched card computers to mainframe computers to personal computers to handheld devices. We have transitioned from analog information silos to a highly connected internet-enabled world with near-infinite access to information and near-infinite devices which communicate globally. With the exception of insurance, every other financial product has joined the information age.