The creation of a new industry takes place in real time, and such ideas and phenomena, such as FINTECH and insurtec, attract attention and inspire an increasing number of people to join the digital evolution. From the media every day we learn about the UPS and downs of a developing the now industry Finance. Significant achievements in this industry make me nervous traditional players, the most skilled of which will come into play. Of course, there will come those who is in constant search of the engines of progress. Based on our recent review of current trends and developments, a similar situation is observed in the mill inchurtha.
The game is changing, as well as the principles of consumer behaviour
At first glance, everything looks pretty positive for these two sectors of the digital economy: every day the race is being drawn more and more outstanding players. Observed cooperation FINTECH startups, “bigtech” (talking about Google, Apple, Facebook and Amazon) and traditional financial institutions that, according to Capgemini, is a key milestone in the development of the market. The insurance industry decided not to stay away. Anya CUBE, co-founder of the insurance company and organizer of the seminars GeekGirl from London, sees a lot of opportunities in changes in the insurance market, while he is on the trail of Finance: “According to estimates by Accenture, investment in British insurtec start-UPS has increased from 19 to 364 million dollars, which clearly indicates that no reduction trend in near future do not have to. The problem is only in the fact that the insurance market in this respect is much inferior financial”.
The Capgemini report also reveals one interesting fact: technological solutions largely influenced the way consumer. New ideas and projects to change the game, filling in the gaps that are unable to curb the traditional market players. And if FINTECH reach certain results, then other participants of the technological process is happy to use that experience to their advantage.
“Insurance companies are still very slow when it comes to business. And insurtec helps to speed up the process. The players of international magnitude may try to suppress new ideas or developments, but is unlikely to succeed. You can’t stop in front of the face of the future or development. We have witnessed that the new platform of little-known companies are moving in a completely different concept. At the same time, a reputable company Allianz invests in Lemonade because of his fear of not keep up with progress and thus to lose the benefits in favor of their competitors. We also see that Munich Re is investing heavily in technology companies that are now hiring candidates for the post of Director for digital and information technologies. All digitized”, says Stig JENSEN, senior Manager in financial services and insurance, not denying the turmoil and changes in the market.
Despite all the big events, not all market participants have a positive attitude to cooperation with large corporations and new projects. Many see this as a threat to the idea of decentralisation. As stated by Mohammed SALAM, Vice President of Azur InsurTech and blockchain enthusiast from London: “FINTECH and insuretech will face the same problem. Major industry players are not willing to change and try to use technological developments in order to cover the weaknesses of your business, but not to rethink the whole concept. In the end, all technological innovations may not achieve the result that was intended — and all because in regulated industries, they simply don’t need. Markets need to be open to openInsurance for example openBanking, which soon will change the retail banking operations (which is already happening). This will help to create the best conditions for our clients.”
This game can be played on any field
The success of the two above-mentioned sectors of the digital economy definitely did not go unnoticed: the emergence and development of new industries has not kept itself waiting. Oleg KOLDAEV, author of articles Bitnewstoday.ru recently reviewed the use of legaltech in China. It becomes obvious by the fact that this area will eventually dictate new rules. 2018 was the year of detailed study and discussion of technological breakthroughs. By the end of 2017 was the development of Real Estate Tech, also known as PropTech. In Russian equivalent it could be called “real-tech”, but time will tell what name to secure for the industry. More interesting, namely investment into the sector in the amount of $ 5 billion during the past year. This convinced venture investors of the correctness of the strategy.
You should also pay attention to HealthTech — “Technologies for health”. 80% of executives in the industry believe — and this is reflected in the Accenture report — that artificial intelligence will become their “employee” within the next couple of years. It is at this point beginning to understand that “tech”hysteria is not just another fashionable trend, but a fundamental long-term trend. We all need to learn to separate the wheat from the chaff. Stig JENSEN said this, and we can’t help but agree with him: “The industry will remain in the markets forever, however this term is not always used correctly. In the future we will witness the flourishing of the blockchain and AI, and that’s when this phenomenon can be called a true tech-industry”. Sounds good in order to keep abreast of the financial world and inform you about all the latest developments in the digital economy. The game only picked up pace.