This is the first of three reports in Venture Insights’ series on Insurtech trends and development locally and globally.
The term ‘insurtech’ is a combination of ‘insurance’ and ‘technology’, inspired by the term ‘fintech’. Insurance is a notoriously slow-moving industry, with high barriers to entry, complex business models and stringent regulatory requirements; it has lagged consumer tech and even other financial services in updating its offerings and technology stacks. However, the ‘insurtech revolution’ has been seen as a potential challenge to that complacency.
The term insurtech refers to a set of technology innovations, championed by a wave of disruptive startups in recent years, which have sought to increase profitability and deliver customer experiences in line with the profoundly changed expectations created by large consumer tech companies in other product categories. Venture Insights will be releasing a series of three reports exploring the global and local insurtech landscapes. This report, the first in the series, discusses how the wave of insurtech innovation is playing out on a global level and profiles key global insurtech players.
Introduction to the global insurance market
Key trends in the insurance industry
Introduction to insurtech
The insurtech market is poised to continue its rapid growth
Insurtechs are behaving as collaborators not disruptors
Early growth began in industrialised countries, but is likely to shift to developing countries - especially in Asia-Pacific