Insurtech: What, Where, Why?

For the uninitiated, insurtech refers to the phenomenon of startups that are innovating using technology to fundamentally improve the existing insurance business model. Technology has played an important role in changing the nature of many other industries, such as music, retail, travel and the increasingly successful union of finance and technology, known as fintech. At first glance, insurtech appears to be a poor cousin of fintech, which is much more prominent and has garnered much attention globally.