Here are my views on Fintech in Insurance:
Insurance is one of the under-tapped markets in both life and nonlife.
Metromile, the auto insurance company product pay per mile is making its way in the market and disrupting the traditional system, here the people can pay only what they use for, unlike the traditional insurance. It is also introduced products for mixed usage both commercial and residential, this product is becoming relevant in current days because of people like Uber use the same vehicles for both purposes. This would pave a way for the industry to introduce new and competitive products.
Another insurance product where fin tech is gaining is microinsurance. There are several microinsurance companies like GrassRoots Bima which are providing insurance services in underdeveloped countries. This type of companies are not only financially sustainable but also provide services and paving way for financial inclusion.Generally, these markets are small for big players, companies like this providing innovative solutions are solving problems with technological innovation.
In this way, Insurance is one of the sectors being disrupted by fin tech across the markets.
References:
https://en.wikipedia.org/wiki/Life_Insurance_Corporation
https://www.fastcompany.com/3066666/5-fintech-startups-to-watch-in-2017
I have read a couple of articles with financial technology in insurance and it seems that insurance companies are able to offer very specialized policies for their consumers. There is a insurance company that is offering plans to people who host their houses on AirBnB. And another thing that financial technology offers is micro loans, as you have stated, to more individuals who can just apply online.