Although insurers have not moved as quickly as other financial services providers in embracing fintech, there are lots of opportunities and it is a sector to watch. Technology has already played a significant role in disrupting other areas of financial services – in banking and payments there has been an influx of fintech providers to the market. However, unlike the insurance sector, this digital disruption has been underpinned by legislative reforms and regulatory intervention. The absence of similar intervention in the insurance sector, coupled with challenges associated with legacy systems and strict regulation around the provision of insurance, means that there are major barriers to entry in the market. However, this does not mean that insurtech disruption is not feasible or indeed happening.

Although insurers have not moved as quickly as other financial services providers in embracing fintech, there are lots of opportunities and it is a sector to watch. Technology has already played a significant role in disrupting other areas of financial services – in banking and payments there has been an influx of fintech providers to the market. However, unlike the insurance sector, this digital disruption has been underpinned by legislative reforms and regulatory intervention. The absence of similar intervention in the insurance sector, coupled with challenges associated with legacy systems and strict regulation around the provision of insurance, means that there are major barriers to entry in the market. However, this does not mean that insurtech disruption is not feasible or indeed happening.