Share this article on:

Insurtech, the real boom is yet to come

This is the opinion of Spiros Margaris, a fintech influencer and venture capitalist, who offers some food for thought regarding the European scenario of financial innovation, Brexit, and the world of startups. And he points out that: ‘companies already have a lot of data, but they don’t use it’
Barbara Bosco

If we believe that the insurtech sector has reached its pinnacle, we're wrong. This is according to Spiros Margaris, venture capitalists, advisor and influencer of the European fintech and insurtech scene, who was in Italy at the Blast 2017 tech event in Rome, where he was interviewed by Startupbusiness Director Emil Abirascid, offering various different insights.

According to Margaris, the insurance companies have not yet experienced the great disruption of the banking world, essentially for one reason: they are a highly regulated industry, in which change can only be much slower. The revolution has begun, and its effects can certainly be seen in B2C, a sector in which there is interaction with customers and therefore also the easiest access for insurtech startups, as shown by cases such as Lemonade or Oscar. However, paraphrasing Margaris, the best is yet to come; because at the moment no startup company has yet managed to cover the entire spectrum of insurance needs.

There is still much to be done in the interaction between insurance companies and customers, in customer experience; to date the report has been based on three points of contact, much fewer in relation to banking services: when the policy is stipulated, when it is paid for, and when are the reparations. The technology and data that insurance and re-insurance companies already have in their back end is substantial, but they don't have the culture to use this data to create increased interaction with customers.

A further idea comes from the evaluation of the role of legislators and regulators. In the UK, says Margaris, to create the world hub of fintech there was a convergence of regulators, government and the startup ecosystem, to help this world to grow. “I don't see the same ethic in the insurtech sector; there is no involvement of regulators, but it will happen, because it’s a good thing for consumers.”

 


31 May 2017

Most viewed

Sharing economy according to Rachel Botsman, now it's time for distributed trust

The world's leading expert in collaboration and sharing economy, speaker at the 2017 edition of the World Business Forum in Milan, believes that at the basis of the sharing economy there is confidence, a disseminated and unstoppable "trust" enabled by online platforms Read more >>
Generic placeholder thumbnail

Opinions

Sharing economy according to Rachel Botsman, now it's time for distributed trust

The world's leading expert in collaboration and sharing economy, speaker at the 2017 edition of the World Business Forum in Milan, believes that at the basis of the sharing economy there is confidence, a disseminated and unstoppable "trust" enabled by online platforms

Read more >>

Generic placeholder thumbnail

Opinions

Why a startup should take part in Open-F@b Call4Ideas 2017

Nicolo Petrone, European Manager of Medici, Platform for fintech of LetsTalkPayments, partner of BNP Paribas Cardif, explains the benefits that a startup can get by participating in Open-F@b Call4Ideas 2017. "A golden opportunity to enter the market "

Read more >>