Distributed Technology and Smart Contract
The InsurTech industry is on the rise worldwide. A variety of innovative business models have emerged with the potential to disrupt the traditional insurance industry using technologies including blockchain, artificial intelligence (AI), Internet of Things (IoT) and big data. These new tools could resolve major challenges in the current insurance industry and improve efficiency in underwriting, risk pooling and claims management.
Along with this changing landscape of technology, the sharing economy, a socio-economic system built around the sharing of resources, is evolving and expanding in a wide range of industries. In contrast with the traditional server-client model in which a central authority provides services to all, the peer-to-peer nature of the sharing economy enables the exchange of goods and services among users without the heavy cost of intermediaries. The rise of the sharing economy brings a new channel for individuals to share their underutilized assets and receive rewards.