Insurtech report: The starting and stalling of a sector

Insurtech entered common vernacular in the market towards the end of 2015, but it's been slow to take off compared to disruption in other areas. A report last year by the European Insurance and Occupational Authority (EIOPA) said that digitisation had not yet reached the point of truly disrupting the insurance sector. For some, the insurance industry faces a unique myriad of challenges, that would naturally hold back new players or incumbents – traditionally seen as slow movers - attempting to embrace new technologies. "The insurance industry has always been perceived to be a laggard," says Jason Sahota, Charles Taylor InsureTech CEO, "and I use the word perceived because that isn't always the case. So, have they used technology yes, was it quite disparate yes, was it difficult to change in a regulatory environment, yes." "There are challenges in the insurance industry which meant it was difficult to bring technology in, so that first generation has been an education of technology coming in and how can it be applied. Whether that is through artificial intelligence, machine learning, robotics, or blockchain," says Sahota.