PriyaPatel
TLDR:
- InsurTech startups are challenging traditional insurance companies with innovative technology.
- Insurance industry has ancient roots dating back to 1750 BC and has been slow to adopt digital innovations.
According to the article, the insurance industry has deep historical roots dating back to ancient times, with the first insurance company, Lloyd’s of London, being established in the late 17th century. The global insurance market was valued at US$6.3 trillion in 2022 and is projected to reach US$12.7 trillion by 2030. In Hong Kong, the insurance industry plays a significant role in the financial sector, employing 90,000 people and contributing to the city’s economic resilience and growth.
The article outlines that the traditional insurance industry has been slow to innovate compared to other sectors like retail, travel, and banking. This is due to regulatory complexity, legacy systems, risk aversion, and customer trust and reliability. InsurTech companies, which leverage technologies like artificial intelligence, big data, and the Internet of Things, are poised to disrupt the industry and evolve the way insurance is done.
While traditional insurance companies may be slow to adopt technological advancements due to customer focus on price, InsurTech companies offer innovative products that cater to individual customer needs. In the long run, it is predicted that InsurTech companies will win the battle and revolutionize the insurance industry with their advanced technology solutions.
