As we know, the insurance market has always been about networks, partnerships and in-depth knowledge of the market, so how can young start-ups compete on a level playing field?

As major insurers invest in new innovative technology, be that by VC or setting up their own 'tech garage', it remains to be seen how they will adopt innovation into their traditional business structure - and if they can achieve this, will customers really view this as a disrupter?

Standard and Poor's report points out how they do not believe Insurtech will fully replace the highly regulated and capital sensitive traditional insurance model, but it will pressure some much needed change to existing processes.