Insurtech and Customer Services: Lessons for the Incumbents
- Verdict Financial
- January 2017
- 27 pages
The emergence of insurtech has been fueled by new digital capabilities and Internet of Things (IoT) devices that are reducing costs, changing systems and processes, and enhancing the consumer experience. From an industry burdened by outdated systems and paper-based operations, the insurtech space has emerged as one of the largest innovation ecosystems globally in 2016, and is set to modernize the industry in the years going forward. It has taken a while for banks and insurance firms to fully embrace fintech innovation, due in part to the amount of legacy systems in place, the heavy dependence on historical data, and the low risk appetite for new insurance-related products at most traditional firms. However, rapidly changing customer behavior, the availability of smart devices, and innovation ecosystems achieving scale provided the industry with a much-needed push in 2016 (and beyond) to adopt insurtech in a huge way.
- Consumer behavior has shifted to accentuate the sharing economy, and the products/platforms that best encompass these new behavior patterns are likely to be the most successful.
- One of the largest emerging areas within insurtech in 2016 was the development of apps and devices that monitor how consumers behave and make purchases, mainly driven through IoT.
- Policy management is a key theme stemming from most new insurtech developments, enabling consumers to personally manage and take more control of their insurance dealings.
- Start-ups are encouraging consumers to move away from traditional insurance practices through the introduction of peer-to-peer (P2P) platforms, where liabilities and risks are managed by the individual(s) instead of the insurer.
Insurtech and Customer Services: Lessons for the Incumbents provides an in-depth analysis of recent developments in the insurtech space and the impact on the insurance industry. The report discusses how mainstream insurers are embracing new technology and how these new innovations could revolutionize many of the long-standing systems and processes within general insurance. It also looks at how insurers could benefit from the types of propositions offered by these new tech groups and the opportunities that may exist in the form of partnerships.
- Gain a detailed insight into the insurtech space.
- Discover how insurtech is benefitting mainstream providers, and also the potential limitations.
- Be informed of the insurers investing in the technology and those looking to develop new digital/tech-based propositions.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.
More from Banking
Financial ServicesConsumers And The Economic Outlook - US - January 2020