THE INSURTECH REPORT: How financial technology firms are helping — and disrupting — the nearly $5 trillion insurance industry

February 18, 2017
353 Views

bii insurtech financing trend 2

The global insurance industry is worth nearly $5 trillion, and insurance companies are at risk of losing a share of this valuable market to new entrants. That’s because these legacy players have been even slower to modernize than their counterparts in other financial services industries. 

This has created an opportunity for a group of firms known as insurtechs. These startups are leveraging new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. Some are helping incumbents deliver better end products, while others are directly competing with legacy players.

In a new report from BI Intelligence, we look at the drivers behind the increasing number of insurtech companies, how they are helping or disrupting legacy players in the insurance industry, and where legacy players are innovating off their own backs. 

Here are some of the key takeaways:

  • The opportunity is currently biggest in the US and Europe. That’s because these regions have large, very mature insurance industries. 
  • Insurtechs’ products and services mostly target retail customers. This includes small businesses and consumers. 
  • Most insurtechs are acting as enablers. This means that they offer products and services that help insurers and reinsurers improve their processes and better serve customers. 
  • Of the main players in the insurance industry, brokers are most at risk of disruption. This is because insurtechs can easily replicate their services and are solving historical industry problems faster than legacy players. 
  • Legacy players are also innovating. In particular, insurers and reinsurers are investing in insurtechs and fintechs working with relevant technologies. At the same time, they are improving their own direct-to-consumer digital interfaces, increasing their disruptive threat to brokers. 

 In full, the report:Insurtech Report Cover

  • Explains the structure and current state of the insurance market.
  • Highlights areas where insurtechs can help legacy players modernize.
  • Describes where insurtechs are competing with incumbents and how their models compare.
  • Provides case studies of insurtechs.
  • Outlines the legacy response. 
  • And much more.

 Interested in getting the full report? Here are two ways to access it:

  1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
  2. Purchase & download the full report from our research store. >> Purchase & Download Now

Join the conversation about this story »

NOW WATCH: Harvard economist Rogoff explains why he is so optimistic about the economy under President Trump


Source: bd-news-feed

You may be interested

Google most authentic brand in India: Report – Economic Times
business
shares14 views
business
shares14 views

Google most authentic brand in India: Report – Economic Times

doyelteam - Oct 19, 2017

Economic TimesMUMBAI: Search engine giant Google has emerged as the most authentic brand in the country, followed by Microsoft, Amazon,…

Denmark Open: Saina, Srikanth win; Sindhu out – Business Standard
Sports
shares15 views
Sports
shares15 views

Denmark Open: Saina, Srikanth win; Sindhu out – Business Standard

doyelteam - Oct 19, 2017

Business StandardIndia had a bittersweet day at Denmark Open as Saina Nehwal knocked out Olympic champion Carolina Marin of Spain…

Canada’s Quebec province prohibits face veils in public services – Business Standard
entertainment
shares16 views
entertainment
shares16 views

Canada’s Quebec province prohibits face veils in public services – Business Standard

doyelteam - Oct 19, 2017

Business StandardCanada's Quebec province has prohibited government workers and anyone receiving government services from covering their faces. The legislation, issued…