Almost half of insurers are worried that up to 20 percent of business could be lost to FinTech or InsurTech start-ups in the next five years.
A survey by PwC revealed that 68% of firms surveyed have taken concrete steps to address the challenges and opportunities posed by FinTech.
According to the report, Opportunities await: How InsurTech is reshaping insurance, investment into InsurTech has increased fivefold since 2010 hitting $3.4bn (£2.39bn).
Stephen O'Hearn, global insurance leader at PwC
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