Technology and Innovation in the Insurance Sector

Description

As financial services deal in intangible products, it is well suited for technological innovation to lower transaction costs and expedite the delivery of services. Although this has, in fact, been happening over the history of finance, the recent proliferation of internet connections, home computing and mobile devices, and the development of applications has led to the possibility of lowering the barrier for market entry, paving the way for greater competition in or "disruption" of the financial industry. However, slating technological and innovation as "disruptive" technology can be misleading, and it is likely to be more a hindsight observation than the everyday trial and error that accompanies innovation and technological advances.