There has been significant growth in insurtech adoption, with it now being the second most popular fintech service at 42.2% usage this year, the recent EY FinTech Adoption Index has stated. In 2015 insurtech was the least often used of the fintech services. Leading applications of insurtech include telematics, wearables that improve claim probability predictions and policy comparison sites. More traditional financial services companies should be looking at adapting their business models to better suit the needs of their customers, said EY Global fintech leader Imran Gulamhuseinwala, who believes "disruption is no longer just a risk – it is an indisputable reality".
There has been significant growth in insurtech adoption, with it now being the second most popular fintech service at 24% usage this year, the recent EY FinTech Adoption Index has stated. In 2015 insurtech was the least often used of the fintech services. Leading applications of insurtech include telematics, wearables that improve claim probability predictions and policy comparison sites. More traditional financial services companies should be looking at adapting their business models to better suit the needs of their customers, said EY Global fintech leader Imran Gulamhuseinwala, who believes "disruption is no longer just a risk – it is an indisputable reality".