Insurtech and Customer Services: Lessons for the Incumbents
The emergence of insurtech has been fueled by new digital capabilities and Internet of Things (IoT) devices that are reducing costs, changing systems and processes, and enhancing the consumer experience. From an industry burdened by outdated systems and paper-based operations, the insurtech space has emerged as one of the largest innovation ecosystems globally in 2016, and is set to modernize the industry in the years going forward. It has taken a while for banks and insurance firms to fully embrace fintech innovation, due in part to the amount of legacy systems in place, the heavy dependence on historical data, and the low risk appetite for new insurance-related products at most traditional firms. However, rapidly changing customer behavior, the availability of smart devices, and innovation ecosystems achieving scale provided the industry with a much-needed push in 2016 (and beyond) to adopt insurtech in a huge way.
Reasons to Buy
– Gain a detailed insight into the insurtech space.
– Discover how insurtech is benefitting mainstream providers, and also the potential limitations.
– Be informed of the insurers investing in the technology and those looking to develop new digital/tech-based propositions.
Table of Contents
Insurtech groups have made it difficult for insurers to ignore the tech revolution
Critical success factors
HOW INSURTECH IS RESHAPING THE INDUSTRY
What is insurtech?
Insurtech encourages the use of technology to help connect with customers
The IoT can boost consumer engagement with brands
Insurtech is being used to meet the changing needs and expectations of modern consumers
Insurtech encourages disintermediation and automation in the customer relationship
Insurtech encourages consumers to take insurance matters into their own hands
P2P models provide users with the option to bypass traditional methods
Lemonade entices P2P users with the prospect of making charitable contributions
P2P services remove some of the power and authority from the insurer
Guevara encourages motor insurance customers to pool their resources for protection
Speed and convenience must be offered to modern consumers
Learning from the PFM evolution, insurtech offers improved insurance management
Established insurers are developing their own ventures to invest in digital
Aviva's commitment to new tech is to avoid falling behind
Insurers' commitment to tech must ultimately bring them closer to the customer
Incumbents need to correct the basics before they can truly modernize and move forward
The launch of AXA's tech-focused funding initiative will help with market expansion
Insurers would benefit from augmenting existing capabilities with strategic relationships
Insurers run the risk of competing against insurtech if they fail to embrace it
The future is promising, but a consistent approach to insurtech disruption is required
Abbreviations and acronyms
List of Tables
List of Figures
Figure 1: IoT refers to the connection of smart devices with other items embedded with electronics and software
Figure 2: Metromile offers low-cost pay-per-mile insurance for low-mileage drivers
Figure 3: CoverHound enables users to compare the rates offered by leading insurance providers
Figure 4: Lemonade invites users to form small groups of policy holders who pay premiums into a pool to pay claims
Figure 5: insPeer looks to reduce premiums by raising deductibles and laying off risk on the other participants
Figure 6: Guevara customers collectively share available resources (but also costs and damages) in the event of a claim
Figure 7: Cuvva enables the purchase of short-duration car insurance via a smartphone
Figure 8: Trov enables users to record and keep track of the value of their personal belongings
Figure 9: BIMA Mobile utilizes new technologies to provide insurance to emerging markets
Get in touch to find out about our multi-purchase discounts
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.