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10 Reasons Why InsurTech Is Going to Be Important | Let's Talk Payments
Technology spending in the global insurance industry is estimated to be around $189 billion. By 2019, the spending industry is expected to reach $205 billion. The IT spending ratio of insurance companies as a percentage of premiums has not changed to a great extent. Insurance companies currently spend about 3.8% of their direct written premium on information technology. The average spending by insurance companies has comparatively reduced in the last four years. There are around 700–800 InsurTech firms globally which are addressing the requirements of the $4.5-trillion insurance industry but the state of InsurTech is at a stage of infancy. New exciting business models to take over the insurance industry such as microinsurance and pay-as-you-go insurance have emerged. What will truly change the nature of the industry is the shift from complex, long-term insurance products to the fractions of insurance for a particular moment, time and miles count. The new opportunities are tied to mobile devices and time-efficiency. 
insurtech  insurance  opportunity  innovation  loyalty  dataanalytics  bigdata  blockchain  peertopeer  benchmarking  wearablecomputing  internetofthings  payperuse  security  fraud  API  review  LetsTalkPayments  2016 
may 2016 by inspiral

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