Private: Exploring insurtech

Private: Exploring insurtech

13 September, 2019  •  
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Insurtech: An insurance company, intermediary or insurance value-chain segment specialist that utilises technology to compete or provide value-added benefits to the insurance industry

Why insurtech?

Insurtechs have been hailed as large-scale disrupters to the insurance markets through their introduction of innovative technology. Over the last few years, they have attracted millions of US dollars in venture capital. Insurtech promises technology that enables insurers to make better use of customer data, save costs and increase seamless interaction with consumers and technical service providers along the entire insurance value chain. It is also being hailed as a way to change the nature of traditional insurance products through technologies that support, e.g. peer-to-peer or on-demand policies. There is a hope that insurtechs could serve non-traditional insurance-market segments in emerging markets in a more affordable way, including serving customers with varying incomes and risk mitigation needs.

Insurtech tracker

In light of the insurtech trends, Cenfri wanted to understand to what extent insurtechs in emerging markets are able to better serve the customer and provide more value to both the insurer and the end-user. In particular, we explored the role of insurtech in microinsurance. We considered what types of insurtechs are prevalent in emerging markets and what challenges they were solving. This research resulted in the development of our insurtech tracker, which we launched in February 2017.

Initial findings from the insurtech tracker suggested that while technology in insurance promises large-scale change, we have yet to see truly innovative solutions on a large scale in such markets. Thus far, the technology focuses on making existing business models more efficient rather than disrupting the insurance market.

Insurtech tracker v. 2.0

We are currently:

  • Updating our insurtech tracker to consider the changes in the insurtech landscape since the tracker was developed
  • Expanding the database to include details about the product and where in the insurance value chain the insurtech is operating
  • Revisiting our insurtech categories to ensure we accurately represent the insurtech landscape

 

Review of 481 active insurtech initiatives in emerging markets
Explore the insurtech tracker 

Key insights from the insurtech review:

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To download the data, please complete the form here. For more information on this project, feel free to contact the project manager Antonia Esser.