Cover Story: Insurtech to reshape industry
The insurance industry, which has mainly used agents and banks to distribute its products for more than a century, is set to change in the next five years. The growing adoption of insurance technology (insurtech) will not only result in greater transparency for the industry but also better customer experience and more innovative products. The growth of insurtech, a subsector of financial technology (fintech), has been made possible with the digital revolution. Start-ups are using the advancements in technology to change how consumers learn about and buy insurance.