Insurers must prepare for 'tsunami of technology': RSA
The insurance market has come under significant threat from insurtech firms, which will use data to ensure fewer accidents happen to begin with, according to Kenny Leitch, global connected insurance director at London-based firm RSA. Leitch said the use of data and technology to reduce collisions and create fewer claims would create a competitive market, as insurers and brokers lower prices. He also warned of the "tsunami of technology" that would follow massive early-stage investment in insurtech firms. 

RSA global connected insurance director Kenny Leitch states InsurTech will stop claims from happening.

InsurTech is set to shrink the insurance market, according to Kenny Leitch, global connected insurance director at RSA.

“There is an opportunity to use data and technology to create fewer collisions, fewer injuries and fewer claims,” Leitch explained.

He added that by doing this insurers and brokers could lower their prices “in a very competitive market”.

“Technology will shrink the insurance market because it will stop things from happening in the first place,” Leitch continued.

Investment

