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according to:
More than 75% of insurers say they are exploring InsurTech partnerships to develop new solutions
Collaboration will be critical to shore up weaknesses and acquire new attributes and skills
+75.0% 75.0% 58.3%
InsurTech Disruptionis Reinventing Insurance
Strategic Collaboration isthe Way Forward
Collaborating and Growing an Ecosystem is Crucial in Light of
Potential BigTech⁴ and Manufacturer Entry
Investments in InsurTech grew
annually from 2014-2017¹
36.5%
Future success will depend on various factors, including:
InsurTechs and Incumbents recognize the value in partnering up
More than half of insurers say competition could come from:
InsurTechs still face challenges in key areas such as:
Scalability
Customer trust
Brand recognition
Familiarity with regulationsCapital
of InsurTechsof traditional insurers
67.1% 91.7%
Improved ability to enhance customer
experience
Faster time to market
Building new digital capabilities
77.2% 59.5% 46.8%
Most important benefits of collaboration, according to incumbents:
For traditional insurers, the best InsurTechs for high-potential, short-to-medium term² partnerships are:
B2B Digital DistributorsClaims Management Solution ProvidersDigital BrokersMarketplaces
Front-runners for collaboration in the long-term³ include:
Data SpecialistsClaims-Management Solution ProvidersFront-Office Solution ProvidersDigital CarriersB2B Digital DistributorsPersonal Financial Assistants
BigTechsled by Amazon at
81%BigTechs are making inroads into insurance, especially in
the areas of healthcare,analytics, and IoT
Manufacturers
59.5%, due to connected devices and advanced analytics that may make self-insurance likelier
Digital infrastructure
Lean organization
Digital agility
Digital culture
Focused InsurTech investment strategy
Strong ecosystem positioning
Business model innovation
Sustainability, especially with changing regulations
Scalability
Exceptional competitive advantages, such as capturing data and monetizing analytics quickly and efficiently
Ecosystem capabilities, such as designing offerings for easy integration
Adaptability
For Incumbents For InsurTechs
For more information, visit us at www.worldinsurtechreport.com,follow #WITR18 or contact us at [email protected]
by:
Improving existing insurance processes
Creating opportunity-rich business models
Leveraging emerging technologies, including:
Artificial Intelligence
Connected Ecosystems
AdvancedAnalytics
Blockchain
InsurTechs are redefining the insurance customer experience
1 – CB Insights Quarterly InsurTech Briefing, Q1 20182 – Short-to-medium term – 3-5 years3 – Long-term - >5 years4 – BigTechs are large, multinational technology firms such as Google, Amazon, Facebook, Apple, Alibaba, Tencent, etc.
