FINTECH Insights.

Without proven feasibility and scalabilities, exaggerating the potential impact of Insurtech could, in turn, damage the prospects and development.

At the recent G20 summit in Germany, Australian Federal Treasurer Scott Morrison said that financial institutions spend more than $70bn on compliance annually.

For enterprise data frameworks which maximizes data sharing among subsidiaries it is imperative to have RegTech applications in a consolidated architecture.

Are Financial Service companies beginning to recognize RegTech as a paradigm shift and strategic opportunity?

Under robo-advisory services, USD 200 billion in 2015 and  according to A.T. Kearney is estimated to grow to USD 2.2 trillion by 2020.

If the very concept of fiduciary lies in a hierarchy of needs, rules and protocols, then these could potentially be digitalised in a New Fund Order.

There will be probably always a better way but innovation is an improvement and not perfection.

Creating a new way of selling and retaining life insurance policies with a holistic approach towards clients is crucial for the the industry.

The emergence of the Internet of Things and its confluence with insurance can potentially be one dynamic that empowers the movement towards accurately pricing the risk of the individual

To achieve better results InsurTech Data companies should partner up with insurers or license them a BDaaS to support multiple channel data collection and advance analytics.

Regulations now accepts the electronic authenticity confirmation of the client’s identity and no longer requires personal identification on-site.

Use of individuals information increases the possibility of conflicts where specific initiatives may be driven by public judgement more than legal concerns.

With MiFID II looming, and uncertainty over regulatory change in the USA, there will be enormous pressure on financial institutions to adapt to new legislation quickly and efficiently. RegTech is, and will remain, pivotal in achieving this.

The aspiration is to identify internal and external innovation impulses that can be utilized to bolster the bank’s strategic roadmap and wealth management.

The Uber Moment of Asset Management will create an avalanche of new, easy to handle tools and new players who are betting on this technology.

Insurtech is not just about efficiency. It must be about the customer. Winning them. And delighting them.

Firms are adapting strategies to deliver better contextual services to customers. Innovation cycles are getting shorter. New technologies are emerging.

InsurTech is something broader and may in some cases make incumbents invisible and parametric.