InsurTech Trends – Why Regionalization Matters
Vasyl Soloshchuk, Yuri Kartashov · 2018
This chapter explores what prospects each trend of InsurTech has and how they may evolve depending on regional differences. Technology infrastructure is gradually increasing; this enables Peer-to-Peer (P2P) insurance companies to reach uninsured regions and use the opportunities there. The insurance industry is transforming at a fast pace. This is primarily due to the impact of a variety of breakthrough technologies, such as cloud computing, the Internet of Things (IoT), telematics, the blockchain, and artificial intelligence (AI). Microinsurance will continue to grow in markets in developing countries. On-demand insurance allows policy-holders to quickly insure their life, health, homes, objects, and vehicles for a short time using a mobile application. The most market-ready solutions could be constructed using a blockchain stack, where claims validation is electronically simple, like flight delay or cyber attacks. In the near future, it is expected that more countries will try to lay down rules for cyber insurance.