The insurance industry took longer to embrace the trend of digitalization than other sectors, such as banking. However, this is now undoubtedly one of the industry’s key trends. Incumbent insurers have showed improvements in recent years, but it is the rise of tech-savvy insurtechs that is forcing these changes. One of the key trends has been the rise in partnerships. This is due to the huge cost and regulatory requirements attached to underwriting, making it easier for insurtechs to specialize in certain areas and help insurers. Digital challengers have still caused a great deal of disruption, either by moving the industry forward and threatening to leave incumbents that do not interact behind, or by creating new lines or ways of constructing policies.

Scope

Global insurtech investment was just under $3.4bn in 2018, as the industry saw over 80% growth.

The number of deals also grew, but it was the average price of deals soaring that caused the significant increase in value.

Incumbents need to adapt and digitalize. as while startups do not pose a direct threat other incumbents choosing to partner with them could result in them being left behind.

Reasons to buy

Benchmark yourself against the rest of the market.

Ensure you remain competitive as new innovations and insurance models begin to emerge.

Learn about the key trends that these digital players are targeting.

Companies mentioned

AON, Willis Towers Watson, Arthur J. Gallagher, Marsh, AIG, Simply Business, Brolly, Tapoly, Datong Broker, Wrisk, Knip, Slice, Trov, AXA, Aviva, Zurich, Hiscox, Allianz, Chubb, ...