It's taken a while, but the insurance industry is waking up to the opportunities – and threats – posed by technology and how it may upend traditional business models. A new breed of technology startups is trying to tap into the large insurance market by helping established institutions transform the way they distribute products, calculate risk and manage claims. Artificial intelligence, connected devices, predictive analytics, chatbots and even drones are some of the technologies that are being used by startups to modernise the insurance industry which, with global revenues of $4.7 trillion, is larger than banking. Serge Taborin, director of innovation and new business at UK insurer Aviva, said: “The reinvention of how insurance works hasn’t happened yet and we all think that this is about to change in the coming years.”

http://www.efinancialnews.com/story/2016-05-05/insurance-industry-gets-digital