Munich Re Automation Solutions on the rise of the insurtech sector

The rapid ascension of the global insurtech sector has been incredible to watch and is showing no signs of slowing down. The development of these businesses, the best of which seamlessly blend innovative solutions with traditional products, has marked a make-or-break moment for the insurance industry, which has traditionally been viewed as slow to embrace change that is not necessitated by regulation. Executive vice president for EMEA at Munich Re Automation Solutions, Paul Donnelly (pictured), recently spoke with Insurance Business to give an overview of how digital transformation is impacting the insurance sector. “Insurance has long been viewed as the most conventional [branch] of the financial services sector,” he said. “Risk-averse in nature, it has only begun to approach digital innovation relatively late in the game.”