What insurance industry CIOs predict about insurtech in 2017? - ET CIO

Bangalore: The insurance sector is slowly but certainly going big on leveraging technologies. Insurance technology, popularly known as insurtech primarily aims to help insurance companies to improve its services and business operations with better reach and connect with their customers and benefiting them overall. However, it also offers huge opportunities for technology vendors, financial platform companies as well as third party services and solutions providers to come up with insurance industry specific technologies. The global insurtech market is expected to grow steadily over the next four years with a CAGR of more than 10% by 2020, according to research firm Technavio's recent market research. The research predicts the insurance industry offers a big scope for innovation that links insurance and payment platforms through partnerships and leveraging mobile and smart devices for enhancing customer services.