Insurtech White Paper Part I: Global Insurtech Trends

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Insurtech White Paper Part I: Global Insurtech Trends

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Insurtech White Paper Part I: Global Insurtech Trends
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.

Contents

Key takeaways

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

Profiles of leading global insurtech startups

Health insurance

Life insurance

Hybrid / multi-sector insurtechs

List of charts/tables

Figure 1.         Projected premium volume growth globally, 2017-2030

Figure 2.         CB Insights insurtech map

Figure 3.         Focus of insurtechs by sector and part of value chain

Figure 4.         Investment in insurtech startups, 2012-18

Figure 5.         Beliefs of incumbents and insurtech startups about the impact of insurtech on the industry

Figure 6.         Role of insurtechs in insurance value chain