I'm delighted that Bought By Many was named Fintech Innovation of the Year at the inaugural Fintech Innovation Awards last night. With software pioneers Cashfac and Misys, banking giant Lloyds, and the world's first peer-to-peer lender Zopa nominated in the same category, it was particularly humbling to win.
More importantly, however, are two points which this underlines.
1.Fintech isn't just about helping incumbent financial services companies do what they do better. It's also about disruption of the financial services value chain.
Disruptive Fintech businesses - which Matt Harris has dubbed "finsurgents" - are on a mission to disintermediate incumbents, creating new value for consumers in the process. It was great to see strong showings last night from some of the UK's top finsurgents - Nutmeg in investments, Transferwise in money transfers, RateSetter in lending.
At Bought By Many, we see ourselves as "the next generation insurance intermediary", distributing insurance by leveraging mobile technology, social media, and big data - and generating new value for both individuals and risk carriers in the process. Which brings me to my second point:
2. The Fintech revolution can and should embrace insurance as well as banking and payments.
Up until this point, the Fintech world has been largely blind to the finsurgency happening in the insurance industry.
My hope is that this is it the start of the Fintech world opening its eyes - not just to the opportunities inherent in insurance's long & complex value chain, but also to the finsurgent companies who are attacking those opportunities.
This article was independently written by Bought By Many. We were not paid to write it, but we may receive commission for sales that result from you clicking on a link to one of our partners.