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Mar 17, 2017 · http://techcitynews.com
The world of insurance tech – or ‘InsurTech’ – entered a flurry of excitement this week as British firm Simply Business, which provides online insurance for small and medium-sized businesses, announced it was set to be acquired by US giant Travelers for £400m – more than three times the sum it sold for last year.
Founded in 2005, the firm sells insurance to hairdressers, handymen, and other small traders. It is one of many InsurTech firms that is said to pose a threat of ‘digital disruption’ to bigger, more-established companies.
Indeed, Tuesday’s purchase was seen by some in the insurance industry as a sign of nervousness among larger firms, with better-established outfits like Travelers keen to jump on the rising InsureTech bandwagon.
Click below for five other UK tech firms innovating in insurance.