• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Technologies.org

Technology Trends: Follow the Money

  • Technology Events 2023-2024
  • Sponsored Post
    • Make a Contribution
  • Technology Jobs
  • Technology Markets
    • Venture Capital
  • About
  • Contact

World InsurTech Report 2018: Collaborative Approach between Incumbent Insurers and InsurTechs Gains Traction

October 2, 2018 By admin Leave a Comment

The insurance technology (InsurTech) sector is booming and facilitating a new era of collaboration between challengers and insurance industry incumbents, according to the inaugural edition of the World InsurTech Report published today from Capgemini and Efma.

The report finds that insurance executives across the industry believe that InsurTechs will be a major catalyst to redefine the customer experience, deliver widespread efficiencies, and create new business models. The industry also expects disruption and new competition to come from BigTech1 companies and manufacturers. This comes in the wake of an InsurTech sector that saw investment increase at a compound annual growth rate of 36.5 percent between 2014 and 20172.

The industry is transforming

By common consent, InsurTech firms are having a transformative effect on the industry. Asked about the current and potential impact of InsurTechs, 67.1 percent of incumbent insurers said they could ‘redefine customer experience’ (with 91.7 percent of InsurTech executives agreeing), while 36.7 percent said they could ‘bring in new business models’ and 35.4 percent felt that InsurTechs would ‘enhance incumbent insurers’ capabilities. InsurTech respondents agreed at 58.3 percent and 33.3 percent respectively.

Collaboration is the focus

Almost 96 percent of insurers said they were looking to collaborate with InsurTech firms in some way, with a partnership and Solution-as-a-Service (SaaS) approach widely favored. The vast majority (77.9 percent) said that ‘partnering to develop a new solution’ was their preferred approach. A similar majority (75.8 percent) said they wanted a SaaS approach to engaging with InsurTechs. By contrast, only up to a third (32.6 percent) said they were considering acquisitions.

When asked about the benefits of collaboration, 77.2 percent identified ‘improved ability to enhance customer experience,’ 59.5 percent ‘faster time to market,’ 46.8 percent ‘new digital capabilities,’ and 40.5 percent ‘competitive advantage over peers.’ InsurTech categories that are being considered for short-to-medium partnerships include data specialists (identified by 62 percent of incumbents), claims management solution providers (51.9 percent), front-office solution providers (51.9 percent), and technology specialists (55.7 percent).

“It’s clear that insurers and InsurTechs see collaboration as the key to success in the evolving industry ecosystem, with re-imagined customer experience at its heart. Finding the right chemistry between collaborators to create a sustainable, agile position in the industry is the key to determining who will be future industry leaders,” said Anirban Bose, CEO of Capgemini’s Financial Services Strategic Business Unit and Group Executive Board member.

In parallel with the rise of InsurTechs, traditional insurers believe that a new wave of competition is likely to come from a combination of manufacturers and BigTech firms. Among incumbents, 81 percent identified Amazon as the primary source of potential competition, with 59.5 percent pointing to other BigTechs (such as Alibaba) and manufacturers.

“New competition requires incumbent insurers to be agile and innovative. Collaboration with the right InsurTech partner will facilitate the journey to attain the right position as industry disruption continues,” said Vincent Bastid, Secretary General of Efma.

Report methodology

The World InsurTech Report (WITR) 2018 covers all three broad insurance segments: life, non-life, and health insurance. This year’s report draws on research insights from two primary sources – surveys and interviews with traditional insurance firms and InsurTech firms. This primary research together covers insights from over 140 executives across 33 markets.

About Capgemini

A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of 200,000 team members in over 40 countries. The Group reported 2017 global revenues of EUR 12.8 billion.

Visit us at www.capgemini.com. People matter, results count

About Efma

A global non-profit organization, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members.

Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing and Singapore. Learn more at www.efma.com

Visit: www.efma.com

1 BigTechs are large, multinational technology firms such as Google, Amazon, Facebook, Apple, Alibaba, Tencent, etc.

2 CB Insights Quarterly InsurTech Briefing, Q1 2018

Filed Under: Tech Tagged With: InsurTech

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

The Growing Tin Market: Prospects for Future Demand and Sustainability
Prospects for the Growing Lithium Market in the Coming Years
DevOps and Agile: Integrating Development and Operations
China’s Use of Golden Shares: From Reducing State Role to Quietly Controlling Tech Giants
Why Amazon Acquired One Medical: Disrupting the Healthcare Industry with Technology-Enabled Care
The End of an Era: Why China is No Longer Viable as the World’s Factory
Cloudflare’s FedRAMP authorization opens up a huge market opportunity in the US government sector

Market Research Media

How plunging birthrates threaten national economies
Agile Leadership: Leading Agile Teams for Success
Chinese Brands Reach New Heights of Popularity in the West Amid Growing Political Tensions
Unrestricted Streaming: How VPNs Can Enhance Media Consumption Experience
How the world’s biggest companies have built and defended their moats
Virtual Learning Environments: A Game-Changer in Education?
Streaming video, training, and gaming coming together to form a cohesive and diverse media and entertainment ecosystem

Secondary Sidebar

Tech Events

GitHub Universe 2023 will be held on November 8-9 in San Francisco, California
Upcoming Technology Events of 2023
Space Symposium 2023, April 17-20, Broadmoor, Colorado Springs, Colorado
The Yugabyte’s third annual Distributed SQL Summit (DSS) Asia, March 28, 2023
NVIDIA GTC, a global conference for the era of AI and the metaverse, March 20-23, 2023

Venture Capital

African Venture Investment Soars to Record High, Fueled by Tech Startups
Pitchly Secures $7 Million Series A Funding for SaaS-Based Data Enablement Solution
Agile Project Management: Roles and Responsibilities
Candidly, a student debt and savings optimization platform, has raised $20.5 million in a Series B round of financing
GameTech Startups Attracting Venture Capital Funding: The Importance of VPN Security

Footer

Recent Posts

  • Japan Revamps Chip Strategy, Aims to Triple Sales by 2030
  • New Cloud Computing Startup Evroc Seeks €3 Billion to Challenge Amazon
  • Apple Vision Pro Review
  • IBM announced plans to build its first European quantum data center in Zurich, Switzerland
  • Hydrogen Technology: The Key to a Sustainable Future for the Cruise and Shipping Industries
  • Regenerative Finance: Shifting Towards Sustainable and Equitable Financial Systems
  • Why Arm Ltd May Build Its Own Semiconductor
  • Dragonfly Announces New Kubernetes Operator for In-Memory Datastore for Simplified Operations and Increased Performance
  • Cosmic Crops Return: Seeds Sent to Space to Develop Resilient Crops for a Warming World
  • AI Developer

App Coding

Tips for Writing Efficient Code
Building Hyperscale Apps: Best Practices and Key Considerations
Common Pitfalls in Agile Development and How to Avoid Them
Step-by-Step Guide to Building a Social Media Data Analysis and Visualization App
Browser Innovation: The Rise of Progressive Web Apps (PWA)

API Coding

How to stop API breaches
How to connect to the DALL-E API
Up the Ante by Creating Your Own API for a Wide Audience
Connecting to a Crypto Exchange using an API Key: A Guide
A Beginner's Guide to REST APIs: Understanding Their Fundamentals and Benefits

Blockchaining

Building a Secure and Decentralized Blockchain API: A Step-by-Step Guide
The Future of Supply Chain Management with Blockchain Technology
Exploring the Potential of Blockchain Technology: A Comprehensive Overview
Corporate leaders should embrace the potential of blockchain technology before it gets used against them
How safe is blockchain technology behind cryptocurrencies

Event Calendar

PCIM Europe 2023, May 9-11, 2023, Nuremberg Exhibition Center, Nuremberg, Germany
Interwire Trade Exposition, May 9-11, 2023, Georgia World Congress Center, Atlanta, GA
ProMat 2023, the leading trade show for the manufacturing and supply chain industry, March 20-23 2023, Chicago’s McCormick Place
Prints 2023, Printing Conference, March 3, 2023
Milan Design Week 2023, April 17-23 2023, Milan, Italy

Copyright © 2022 Technologies.org

Media Partners: Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT