Insurtech: Fresh Legs for a Tired Industry

PR Newswire

NEW YORK, Dec. 3, 2019 /PRNewswire/ --

Report Includes:
- A conceptual study of technology-led startup companies (or 'Insurtechs') within the insurance industry

Read the full report: https://www.reportlinker.com/p05829162/?utm_source=PRN

- Market projections of the overall global insurtech market and trends in venture funding for global insurance and insurtech companies
- Listing of top insurtech companies (with over 100 employees) and their core business areas
- Knowledge about new digital and analytical technology of data and analytics and their role in enhancing efficiency of Insurtech in the market
- Information pertaining to how the implementation of next-generation technologies such as big data, artificial intelligence, the Internet of Things (IoT), cloud computing and blockchain are reshaping the insurance value chain

Summary:
Annual premiums for the insurance industry passed the $5 trillion dollar mark in 2018.Insurtech is a class of technology-driven startups that uses innovative solutions to power new insurance business models.

Initially, the trend was expected to mimic what fintech did for the banking industry. In contrast with the rest of the tech environment, both industries have much in common, focusing less on developing new products and more on leveraging technology to reach new customers and reduce costs.

However, the structures and value chains of both industries significantly differ.In insurtech, channel conflict with captive or independent agents does not exist in the same way as it does in finance.

There is also more opportunity than in banking to target customers, as insurance policies are often connected to major life events and renewed annually. This paper will focus on the impact of insurtech on each stage of the insurance value chain as well as on the overall insurance ecosystem.

Segments

Insurance can be segmented by type of coverage (property and casualty versus life/health) customer (personal versus commercial) and sale channel (agents versus corporate insurance). Insurtech is pursuing these segments with various degrees of success.

Currently, over half of insurtech investments have been in property and casualty (P&C) where most of the immediate opportunity is. Insurtech primarily targets pure risk insurance where there are developed access points to the value chain based on innovations such as telematics and the Internet of Things (IoT), which enables new product development in motor, home and health that drive customer engagement and retention.

Insurtech is making processes faster, more reliable and easier for the consumer.The new digital and analytical technology of data and analytics is also expected to increase efficiency in the specialty casualty market.

While commercial auto and property coverages in small commercial are relatively standardized, there are still many types of casualty coverages. Technology will play a critical role in increasing efficiency and simplicity.

Read the full report: https://www.reportlinker.com/p05829162/?utm_source=PRN

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