World InsurTech Report 2019
Collaboration between insurers and InsurTechs is key to address customer demand for add-on services, personalization, and flexible offerings
The World InsurTech Report outlines a new insurance ecosystem with an open marketplace, based on the development of new customer-centric experiences, a structured selection of InsurTechs, and a collaborative go-to-market. Key findings include:
Four fundamental shifts in the industry are underway
The report outlines that the industry is evolving in four different ways:
- A shift from product focus to customer experience: 70% of insurers and InsurTechs said a focus on holistic risk solutions for customers was critical to establishing a future-state insurance marketplace.
- The evolution of data as a critical asset: 70% said advanced data management capabilities are critical.
- A transition from asset ownership to a shared economy: more than 35% of insurers and InsurTechs have already realized that focusing on shared ownership of assets is critical.
- Partnerships with specialists over the traditional “Build or Buy” approach: 90% of InsurTechs and 70% of incumbents said they want to collaborate with each other. Both insurers and InsurTechs have a hearty appetite for collaboration with other sectors, such as healthcare providers and players from the travel, transportation, and hospitality space.
- Maria SøndergaardDirector, Market Segment East
Maria SøndergaardDirector, Market Segment East