Fintech is another priority sector for Majic Wheels, demonstrated through the company’s Insurtech operations.

What is Fintech & Insurtech?

Fintech refers to businesses that use technology to enhance or automate financial services and processes. Insurtech is a rapidly growing sub-sector of Fintech. It refers to the insurance industry’s dedication to innovation and the creation of new goods and services, representing cutting-edge technology that extends and improves the insurance sector’s offerings, including big data technologies, artificial intelligence, blockchain, machine learning, Internet of Things (IoT), and others. 

Insurtech is in need…

Insurtech for crypto/digital assets: According to a Bloomberg report, cryptocurrency insurance is poised to become a “big opportunity.” It’s been noted that less than 1% of all crypto investments are currently insured. This statistic is alarming, considering the rapid growth and high-risk profile associated with today’s cryptocurrency market. bitcoin has always been on the radar of insurance companies.

As far back as 2015, Lloyd’s came out with a report listing risk factors for the cryptocurrency. “The establishment of recognized security standards for cold (offline) and hot (online) bitcoin storage would greatly assist risk management and the provision of insurance,” the firm wrote. It also mentioned server side security, cold storage, and multi-signature wallets as possible methods to mitigate risk attacks.

Insurtech for health: As customer demands are changing and people expect highly personalised healthcare services, insurance companies must innovate and reduce costs to improve competitiveness. The health segment dominated the Insurtech market in 2021, accounting for more than 24.0% share of the global revenue. The increasing demand for digital platforms, which connect exchanges, brokers, providers, and carriers in health insurance, is anticipated to fuel the demand for the health segment.