Insurtechs and the global insurance industryDownload the full reportDownload the infographic
The global insurance industry is at a watershed moment. Insurance leaders have witnessed the growing impact of fintechs – financial technology startups – on traditional banking and heavy investment in insurance technology (insurtechs). They are consequently attempting to identify the best approach to working with these potentially threatening technology innovators. Insurers are galvanizing themselves just in time. This executive report, based on a survey of insurers, insurtechs and venture capitalists, outlines causes, consequences and a path forward for insurers to successfully embrace an insurtech-infused future.
Meet the authorsMark McLaughlin, IBM Global Insurance Director, IBM Global Markets, Financial Services
Stefan Riedel, Vice President, Insurance and Insurance Solutions Europe
Christian Bieck, Global Insurance Leader, IBM Institute for Business Value
Lynn Kesterson-Townes, Global Cloud & Quantum Leader, IBM Institute for Business Value, Global Business Services
Anthony Marshall, Senior Research Director, IBM Institute for Business Value
Participation in platform business models opens the door to both cost savings and new revenue streams for insurers.
By using AI to move prices closer to the market, insurers can gain faster insights into the variables, such as price elasticity.
The Indian insurance market has enormous potential for growth if it can overcome its constraints and bureaucratic legacies.