The time is right for an open insurance initiative

The insurance industry is firmly under the cusp of an exciting phase of transformation. Experimentation, innovation and InsurTech are now terms that define an industry that’s accelerating to overtake its image of the reluctant innovator. Billions in investment dollars have been poured into startups deploying concepts that were so foreign to the insurance world few years back, blockchain powered parametric insurance, on-demand insurance, behavioral economics, try–before-you-buy and such like