Information & Communication Technologies

Global InsurTech Market, Forecast to 2022

Technologies such as AI, ML, and IoT Enable Insurers to Obtain Effective Insights on Customer Behavior and Help Improve their Operational Efficiency
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Published: 8 May 2017

Unlike other areas in financial services, the insurance market has not been remarkably disrupted by innovative technologies and new business models until now. While the pace of innovation is rapid in financial services, insurance is still a complex and a highly regulated market. However, it appears to be at a point of articulation, as stakeholders from the FinTech ecosystem have their vision set on InsurTech as the next greatest opportunity. This study aims to put in perspective the prevailing trends in InsurTech globally. This study provides a detailed analysis of the challenges, technology trends within the insurance market, areas of interests for InsurTech start-ups, key technologies enabling innovation in insurance, geographic representation of global InsurTech companies, InsurTech ecosystem incumbent’s response to InsurTech, venture capital funding for InsurTech start-ups, and the profiles of key InsurTech start-ups (based on the background of interest and funding), along with a workflow discussion. The study also provides a thorough analysis on peer-to-peer (P2P) insurance and the impacts of blockchain on the same. Key questions this study will answer include: • What is Insurtech? • How is the ecosystem/value chain? • How do different stakeholders work together? • What are the factors driving the market? • What are the challenges restraining growth? • Which are the top InsurTech companies? • What are their offerings for insurance companies? • How do new technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), fit into these offerings? • How do advanced technologies impact financial services? • What is the impact on services, such as underwriting, claims, and agents? • What is P2P insurance? What impact would blockchain and AI have on it? • What are the segments in insurance that InsurTech start-ups are aiming at? o Selection criteria o Business models o Partnerships • What are the incumbents doing to adopt and prepare for Insurtech? o Selection criteria o Business models o Partnerships • What are the prevailing market trends? This research study provides critical insights into the growth opportunities for traditional insurance companies and InsurTech start-ups globally. The growth opportunities focus on the scope that can leave a positive impact on the organization’s expansion by creating a positive reputation in the market. The study also focuses on the initiatives that are being taken by traditional insurance companies to digitally transform their business practices across all the levels in the organization. The study provides critical insights into the strategies for creating symbiotic partnerships among insurance companies and InsurTech start-ups globally.



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