There has always been a lot of press surrounding innovation and modernisation in the insurance industry. If you read the full article below, do you think the likes of new start up company "Lemonade" are on the right track to moving things forward?
Many will assume that technology will be the cause of the disruption, whether through ‘blockchain’, big data, wearable technology or alternative developments. Sooner or later, one of the big tech companies will enter our market we’re told, market dominance assured. Google, Facebook, Amazon and others clearly have the data, customer centricity and distribution know-how to make a dent in pretty much any market. That said, I’m not convinced they’ll have the appetite for the balance sheet risk that comes with being an insurance provider rather than facilitator. That said, there is clearly scope for technological disruption.