Global InsurTech Market, Forecast to 2022

Technologies such as AI, ML, and IoT Enable Insurers to Obtain Effective Insights on Customer Behavior and Help Improve their Operational Efficiency

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Unlike other areas in financial services, the insurance market has not been remarkably disrupted by innovative technologies and new business models until now. While the pace of innovation is rapid in financial services, insurance is still a complex and a highly regulated market.
However, it appears to be at a point of articulation, as stakeholders from the FinTech ecosystem have their vision set on InsurTech as the next greatest opportunity. This study aims to put in perspective the prevailing trends in InsurTech globally.

This study provides a detailed analysis of the challenges, technology trends within the insurance market, areas of interests for InsurTech start-ups, key technologies enabling innovation in insurance, geographic representation of global InsurTech companies, InsurTech ecosystem incumbent’s response to InsurTech, venture capital funding for InsurTech start-ups, and the profiles of key InsurTech start-ups (based on the background of interest and funding), along with a workflow discussion. The study also provides a thorough analysis on peer-to-peer (P2P) insurance and the impacts of blockchain on the same.

Key questions this study will answer include:
•     What is Insurtech?
•     How is the ecosystem/value chain?
•     How do different stakeholders work together?
•     What are the factors driving the market?
•     What are the challenges restraining growth?
•     Which are the top InsurTech companies?
•     What are their offerings for insurance companies?
•     How do new technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT), fit into these offerings?
•     How do advanced technologies impact financial services?
•     What is the impact on services, such as underwriting, claims, and agents?
•     What is P2P insurance? What impact would blockchain and AI have on it?
•     What are the segments in insurance that InsurTech start-ups are aiming at?
o     Selection criteria
o     Business models
o     Partnerships
•     What are the incumbents doing to adopt and prepare for Insurtech?
o     Selection criteria
o     Business models
o     Partnerships
•     What are the prevailing market trends?

This research study provides critical insights into the growth opportunities for traditional insurance companies and InsurTech start-ups globally. The growth opportunities focus on the scope that can leave a positive impact on the organization’s expansion by creating a positive reputation in the market. The study also focuses on the initiatives that are being taken by traditional insurance companies to digitally transform their business practices across all the levels in the organization. The study provides critical insights into the strategies for creating symbiotic partnerships among insurance companies and InsurTech start-ups globally.

Table of Contents

1. Executive Summary
Key Findings
2. Research Scope
Research Scope
Definitions
3. Insurance Market Overview
Global Insurance Market—Types of Insurance Companies and their Departments
Insurance Market Snapshot—Key Challenges
4. Introduction to InsurTech
Introduction to InsurTech
InsurTech—Enabler of Transformation in Insurance
Advanced Technologies Transforming Insurance
Cloud Computing in Insurance
Cloud Computing Use Cases
IoT in Insurance
IoT Use Cases
Big Data and Advanced Analytics in Insurance
Big Data and Advanced Analytics Use Cases
AI and ML in Insurance
AI and ML Use Cases
Blockchain in Insurance
Blockchain Use Cases
Technology Deployment Timeline
InsurTech—Technology Eliminating ‘One Size Fits All’ Approach
5. InsurTech Ecosystem
InsurTech Ecosystem
InsurTech Market Landscape
Health Insurance Case Study—Clover
Employee Benefits Case Study—Gravie
Auto Insurance Case Study—Zubie
Backend Solutions Case Study—ClearRisk
Commercial Insurance Case Study—Digital Risks
Marketplace Case Study—Bidu
Product Insurance Case Study—Square Trade
Consumer Platforms Case Study—Spex
6. InsurTech Trends
InsurTech—Technology Investments as Strategic Decisions
TI Matrix—InsurTech Global
InsurTech Global VC Funding
Key Mergers and Acquisitions
Noteworthy InsurTech Companies Global
Regional Trends
InsurTech—Evolution of Distribution Channels
Global InsurTech Market Revenue Forecast
7. P2P Insurance
P2P Insurance—Business Model and Workflows
Blockchain in P2P Insurance
AI in P2P Insurance
8. Drivers and Restraints
Market Drivers
Market Restraints
9. Key Global InsurTech Companies
Company Profile—Metromile
Company Profile—Friendsurance
Company Profile—Knip
Company Profile—Oscar
Company Profile—QuanTemplate
Company Profile—Trov
Company Profile—League
Company Profile—ZhongAn
Company Profile—BIMA
Company Profile—Policy Bazaar
10. Growth Opportunities and Companies to Action
Growth Opportunity—Connected Health Platforms
Growth Opportunity—Big Data and Analytics
Growth Opportunity—Blockchain
Growth Opportunity—Telematics
Strategic Imperatives for Success and Growth
11. The Last Word
The Last Word—3 Big Predictions
Legal Disclaimer
12. The Frost & Sullivan Story


List of Figures & Charts

1. InsurTech: Research Scope, Global, 2016
2. InsurTech: Types of Insurance Companies, Global, 2017
3. InsurTech: Key Challenges in Insurance, Global, 2017
4. InsurTech: Introduction to InsurTech, Global, 2017
5. InsurTech: InsurTech Disruption and Impact, Global, 2017
6. InsurTech: Technology Trends, Global, 2017
7. InsurTech: Impact of Cloud Computing, Global, 2017
8. InsurTech: Use Cases of Cloud Computing in Insurance, Global, 2017
9. InsurTech: Impact of IoT, Global, 2017
10. InsurTech: Use Cases of IoT in Insurance, Global, 2017
11. InsurTech: Impact of Big Data and Advanced Analytics, Global, 2017
12. InsurTech: Use Cases of Big Data and Advanced Analytics in Insurance, Global, 2017
13. InsurTech: Impacts of AI and ML in Insurance, Global, 2017
14. InsurTech: Use Cases of AI and ML in Insurance, Global, 2017
15. InsurTech: Impacts of Blockchain in Insurance, Global, 2017
16. InsurTech: Use Cases of Blockchains in Insurance, Global, 2017
17. InsurTech: Technology Disruption in Insurance, Global, 2016
18. InsurTech: Ecosystem, Global, 2017
19. InsurTech: Market Landscape, Global, 2017
20. InsurTech: Workflow—Health Insurance, Global, 2017
21. InsurTech: Workflow—Employee Benefits, Global, 2017
22. InsurTech: Workflow—Auto Insurance, Global, 2017
23. InsurTech: Workflow—Backend Solutions, Global, 2017
24. InsurTech: Workflow—Commercial Insurance, Global, 2017
25. InsurTech: Workflow—Insurance Marketplace, Global, 2017
26. InsurTech: Workflow—Product Insurance, Global, 2017
27. InsurTech: Workflow—Consumer Platforms, Global, 2017
28. InsurTech: Insurance Companies* Technology Initiatives and Investments, Global, 2015–2017
29. InsurTech: Key Mergers and Acquisitions, Global, 2015–2017
30. InsurTech: Global Map, Global, 2017
31. InsurTech: Regional Trends, Global, 2015–2017
32. InsurTech: Distribution Channels, Global, 2017
33. InsurTech: P2P Insurance Types, Global, 2017
34. InsurTech: Blockchain in P2P Insurance, Global, 2017
35. InsurTech: AI in P2P Insurance, Global, 2017
36. InsurTech: Key Market Drivers, Global, 2017–2021
37. InsurTech: Key Market Restraints, Global, 2017–2021


1. InsurTech: Technology Deployment Timeline in Insurance, Global, 2012–2022
2. InsurTech: TI Matrix , Global*, 2016–2017
3. InsurTech: VC Funding by Year, Global, 2011–2016
4. InsurTech: Total Deals until Q4 2016, Global, 2016
5. InsurTech: Funding Segmentation, Global, 2016
6. InsurTech: Percent of Revenue by Region, Global, 2016
7. InsurTech: Revenue Forecast by Region, Global, 2016–2021



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