Insurtech boom will reshape the global insurance market
Global investment in financial technology, fintech, continues to soar and insurance is emerging as its next big target market. Investors around the world poured US$22.3 billion into fintech deals last year – a 75 percent leap from 2014. Insurance technology, insurtech, attracted around $2.6 billion of this outlay. This is still a small slice of total fintech spending but it’s a big step up from the previous year’s $800 million. And spending on insurtech looks set to surge.