A good summary of the InsTech/InsurTech advance from efinancialnews.com.
François Robinet, chairman of Axa Strategic Ventures, the venture arm of French insurer Axa, said: “There is big potential for the insurance sector. It has not been impacted as much by technology today because there are strong barriers to entry, including trust and brand recognition.” Insurtech has been slower to emerge than banking fintech, because insurance is a less understood, and a perhaps less sexy sector to tackle for startups than other areas in finance, some investors suggest. Yann Ranchere, a partner at fintech investment and advisory firm Anthemis Group, said: “Insurance is, in many ways, more largely unknown and misunderstood than traditional banking, not only by its customers but also by the tech population. It is, therefore, not as low a hanging fruit than other sectors. But it is changing rapidly.”