Insurtech and Customer Services: Lessons for the Incumbents

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All the vital news, analysis, and commentary curated by our industry experts.


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 From an industry burdened by outdated systems and paper-based operations, the insurtech space has emerged as one of the largest innovation ecosystems globally in 2016, and is set to modernize the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.

BIMA Mobile

Table of Contents


Insurtech groups have made it difficult for insurers to ignore the tech revolution

Key findings

Critical success factors



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





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

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