Breaking the mould: What the future of insurance looks like

Just as fintech is transforming the banking world, "insurtech" has set its sights on the insurance industry. There are firms like Trov, which provides insurance on-demand and enables consumers to catalogue insured belongings. Buzzmove uses home removals data to create a new distribution model for insurance – people are more likely to renew or buy insurance when moving house – and helps customers track the value of their assets. FitSense helps employers leverage data from wearable tech, while massUp capitalises on open APIs to connect insurers to retailers. As a consumer, you can cover your gadget at the point of sale – ideal if you know it might not be covered by your household policy. Start listing the players currently in the market, though, and while the added visibility and speed brought by innovative technology is evidently beneficial, "'disruption' can be a misleading word", says Jonathan Howe, UK insurance lead at PwC. "We take that to mean the whole industry has been thrown in the air and we've seen major new players emerge.