The same applies to insurance companies, it seems. According to a PWC report released in June, close to half of insurers they surveyed fear losing up to 20% of their business to standalone fintech (financial technology) or insurtech (insurance technology) companies within the next five years. Bank Negara has already liberalised motor insurance tariffs, paving the way for user based insurance. This is where insurance companies can have more dynamic pricing of their premiums based on driving patters of the people they insure. For example Atilze Digital Sdn Bhd, an IoT player and part of listed company Yen Global Bhd is working with several insurance companies to offer usage based insurance for the automotive sector.

Source: The Star October 20, 2016 01:07 UTC