InsurTech innovation: Get with the programme!

The case for InsurTech innovation continues to grow stronger with each piece of new research announced by industry players.

The time for talking on InsurTech is over. It’s time for action.

Zurich this week announced that its analysis has found more than 2.4m cohabiting families across the UK – the fastest growing family type in the country – do not have life insurance,

 Obviously, Zurich highlights this protection gap potentially leaves families’ relatives open to financial problems once they pass away, according to new analysis by Zurich.

According to Zurich, cohabiting families have been the fastest growing household type over the last decade: the latest figures from ONS show that the number has more than doubled from 1.5m to 3.3m since 1996.

Furthermore, according to the latest ONS divorce and marriage statistics, the number of couples getting married has decreased by more than 6% since 2012, potentially due to the rise in couples choosing to live together instead of getting married.

InsurTech innovations – from chatbots, artificial intelligence and data analytics, to blockchain and cyber-security – that are transforming the insurance landscape.

And with further advances expected over the next year, laggards who fail to fully embrace this InsurTech revolution will quickly find themselves left behind.

We need the major insurance players to continue investing in InsurTech while newer and smaller InsurTech start-ups give the incumbents extra competition.

The more InsurTech market competition there is, the brighter the prospects for closing the protection gap.