Can Malaysia catch up in the InsurTech race?

The first known insurance contract dates back to as early as 1347 when a ship was insured in Genoa for its voyage. Insurance may have been around for seven centuries but the business has changed very little. Even though we are now able to insure everything from our cars, homes, health to mobile phones, there have been only minor leaps in the adoption of technology across the insurance value chain. Fast forward to 2017 and all that’s about to change thanks to the impact of the insurtech disruption, which is the sudden wave of innovation fuelled by the intersecting fields of cloud, mobile, social, internet of things and artificial intelligence. Insurtech is finally enabling multiple value creation opportunities across the entire spectrum of the insurance business model.