Financial technology, or 'fintech' as it is
more commonly referred to, is taking the financial industry around
the world by storm. Over the past ten years, there has been a
significant increase in the use of technology in the financial
sector, spanning from mobile banking, small business lending, and
financial advice. However, despite the financial innovation and
technological progress made so far, a large part of the financial
industry is still relatively unaffected.
The insurance sector is one of the areas where the growth of
fintech is still lagging behind. This is not to say that progress
has not been made. In fact, despite the heavily-regulated nature of
the insurance industry, and the considerable expenses involved in
infiltrating the market, we are slowly starting to see an
ever-increasing presence of fintech in the realm of insurance.
