InsurTech is FinTech’s New Black

At the beginning of the year, investors from all around the globe gathered in London to discuss ideas about investing in new products, such as fintech, associated with the rapid improvements in technology. FinTech, which is the abbreviation for financial technology, is an emerging financial services sector, which has attracted the business world’s attention because it seems capable of producing major profits for anyone that is willing to risk money by investing in the industry.

While fintech is on the rise in general and is considered hot stuff for people who want to make money out of something new, insurtech seems to be a real game-changer, especially when the insurance sector is considered a bit old-fashioned in matters of services and how they are offered as a final product to the customer. As Timo Dreger, who is a managing director at the German-based Apeiron Investment Group, said “insurtech is the hottest thing this year and the answer why is pretty easy. In the insurance industry, there is a lack of innovation and the user experience is pretty horrible.”

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