Insurance Technology : Four trillion industry finally goes digital

Report published on May, 2017, by:

  • Insurance Technology is riding a wave of innovation and investment that is attempting to do in a few short years what the insurance industry itself has failed to do over the last decade: a complete digital migration across all business processes
  • With $4.6 Trillion in global annual premiums, or 5.6% of global GDP, the insurance industry is a highly attractive market where incumbents have been slow to embrace innovation
  • There are three competitive threats at work in the insurance market and they all point to Technology Disruption: (1) an explosion of well funded, InsureTech startups; (2) the feared entry of the B2C tech « titans » (i.e. Google, Amazon, Facebook, etc.); and (3) incumbents racing to adopt modern enabling technologies
  • Investors can sense the opportunity: InsureTech investments are up six-fold over the last five years across at all stages of funding
  • Whereas this first wave has primarily focused on distribution, a second wave is taking aim at how insurance products are designed, priced, and operated
  • Incumbents’ initial reaction has been to partner and invest mostly in enabling technology
  • These market forces point to increased M&A activity as customer demand will make InsureTech solutions key to an insurer’s customer acquisition and retention strategy

Agenda

Omni-Channel Customer Engagement

Broker Disintermediation & Threat of Tech Titans

Massive Opportunity for Process Automation

Big Need for Big Data Analytics

IoT: Real World Insurance Applications

P2P Insurers: Revolutionizing an Age Old Concept

Part-Time Insurance for a Part-Time Economy

 

Click on the following link to get the full report : AGC-InsureTech-May-2017