Insurtech – Thematic Intelligence

Insurtech Market Analysis Report Overview

Insurtechs can create innovative solutions for content generation using generative AI, risk modeling, and customer engagement. For instance, they can use generative AI to generate personalized insurance policies based on customer data, enhancing customer experiences and increasing policy uptake. Additionally, generative AI can be utilized to create interactive chatbots or virtual assistants that provide real-time support and streamline claims processing. Thus, by leveraging generative AI’s ability to generate new content, insurtechs can also improve marketing efforts, create engaging content, and optimize communication with their target audience.

The insurtech thematic intelligence report assesses how insurtechs can be used across the insurance industry value chain. The report includes relevant technology, macroeconomic, and regulatory trends and provides an overview of the current landscape, as well as key players, while also highlighting opportunities for the use of insurtech in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.

Insurtech – Key Trends

The main trends shaping the Insurtech theme over the next 12 to 24 months are technology trends, macroeconomic trends, and regulatory trends.

• Technology trends: The key technology trends impacting the insurtech theme are the adoption of advanced technologies such as AI, IoT, Big Data, generative AI & ChatGPT, focus on cybersecurity, integration of SaaS solutions, and legacy system transformation.
• Macroeconomic trends: Some of the key macroeconomic trends impacting the insurtech theme are challenging economic conditions, changing customer expectations, a shift towards digitalization, climate change and increasing frequency and severity of natural disasters, rising geopolitical issues, health trends, and gig economy & sharing economy.
• Regulatory trends: Compliance with cybersecurity laws, data protection regulations, and AI regulations are some of the regulatory trends impacting the insurtech theme.

Insurtech – Industry Analysis

The insurtech sector has experienced a mixed investment landscape in 2023.  The initial surge of insurtech deals witnessed in previous years may have stabilized, leading to a more moderate level of deal activity. The market may have reached a stage where consolidation and strategic partnerships are more prevalent, resulting in a smaller number of completed deals but with higher investment values.

The effect of the rebound, albeit a small one when compared to the heights seen in 2021, is likely to be positive for insurtech startups. Moreover, partnerships and collaborations with incumbent insurers may also become more prevalent as traditional players seek to leverage insurtech capabilities and keep up with the evolving technological landscape. The Insurtech in the Insurance industry analysis also covers:

• Mergers and acquisitions
• Venture Financing

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Insurance Value Chain Analysis

The insurance value chain components comprise product development, followed by marketing & distribution, underwriting & risk profiling, claims management, and customer service.

The value chain within insurance starts with product development. Brokers, insurers, and regulators all play a considerable role in this process. Brokers’ interactions with customers give them unique insights into the needs of consumers. In some cases, these needs may not be met by the available insurance products, and so brokers will likely respond should enough consumers demand this type of cover.

The marketing and distribution area of the insurance value chain is essential to success. Those operating within this space are responsible for ensuring consumers are aware of the products on offer and for selling to them via a variety of distribution channels.

Insurance Value Chain

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Insurtech – Competitive Analysis

Disruptors

Some of the leading listed players associated with the insurtech theme:

• Alan
• By Miles
• Bright Health Group

Collaborators

Some of the interesting private companies associated with the theme:

• Allianz
• Aon
• Baoba

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Life Insurance Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

• The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
• The risk screen ranks companies within a particular sector based on overall investment risk.

Life Insurance Sector Scorecard – Thematic Screen

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Key Highlights

• Emerging technology trends such as AI and big data are beginning to shape the way people work across a range of industries. The impact of such technologies will only increase.
• Macroeconomic trends are also having an impact with zero-hour contracts and the gig economy changing how many people work.
• While the world has moved on from COVID-19, it had a significant and lasting impact on the workplace.

Reasons to Buy

• Identify leaders in the insurtech space across a variety of disciplines.
• Determine how leaders use modern technologies to drive efficiency and reach new customers.
• Recognize how incumbents are collaborating with insurtechs to improve their own product offerings and customer experience.
• Evaluate the strength of investment into the insurtech theme and ascertain the drivers behind this level.