In the world of financial technology that is revolting in daily basis, it is imperative for everyone to keep up with the current change in the technology that is happening all around us.
One of the new things developing is the introduction of insurtech. It is a portmanteau of the world insurance and technology. As the industry of insurance is resistant to change, with many of its customers are complaining about the difficulties and bureaucracy sorrounding the business process, like it or not, everyone is somewhat bound to buy insurance premium, as it is one of the only ways to hedge for the future.
Thus, the introduction of insurtech companies such as Qoala has been refreshing. By cutting out the difficulties and bureaucracy of the registration and the insurance claim, the new wave of financial technology revolution is happening now. Qoala currently offer services in the form of transportation delay insurance, with easy registration process, affordable premium, and insurance claim payment in the matter of hours. In the future they are moving on to the entertainment delay insurance in form of cinema ticket insurance, following with the mobile phone insurance in the form of screen glass protection.
In the future they foresee the bigger challenge which is to revolutionized the health care and other types of insurances for the greater good of humanity.