Tech-driven disruption in the insurance industry continues at pace, and we’re now entering a new phase — the adaptation of underlying business models.
That’s leading to ongoing changes in the distribution segment of the industry, but more excitingly, we are starting to see movement in the fundamentals of insurance — policy creation, underwriting, and claims management.
This report from Business Insider Intelligence, Business Insider’s premium research service, will briefly review major changes in the insurtech segment over the past year. It will then examine how startups and legacy players across the insurance value chain are using technology to develop new business models that cut costs or boost revenue, and, in some cases, both. Additionally, we will provide our take on the future of insurance as insurtech continues to proliferate.
Here are some of the key takeaways:
Funding is flowing into startups and helping them scale, while legacy players have moved beyond initial experiments and are starting to implement new technology throughout their businesses.
Distribution, the area of the insurance value chain that was first to be disrupted, continues to evolve.
The fundamentals of insurance — policy creation, underwriting, and claims management — are starting to experience true disruption, while innovation …read more
Source:: Businessinsider – Finance