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Emerging Tech Transforming the $4tn Industry – CommerzVentures

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Article Synopsis :

Digital transformation is one of the most pervasive topics in today’s insurance boardroom. How to go about it? How to get it right?

 The Digital Insurer reviews CommerzVentures’s Report on Emerging Technologies Transforming the $4tn Insurance Industry

InsurTechs are a key source of innovation for traditional insurers 

In ”Emerging Technologies Transforming the $4tn Insurance Industry”, the team from CommerzVentures provides an overview of key technologies shaping the insurance industry with a discussion on their potential impacts on the insurance value chain.  The paper also explores how collaborations with InsurTechs can prove helpful for the insurers.

According to the paper, the key InsurTech opportunities for insurers include:

  1. New tech-enabled products and business models.
  2. Technologies to reduce risk/claims.
  3. Innovative distribution channels.
  4. Lower cost of claims processing.

The insurance landscape is expected to be disrupted by the following five  emerging technologies not necessarily insurance-specific in nature:

  • Artificial Intelligence (AI)
  • Connected Devices
  • Drones
  • New Payments
  • Blockchain technology

Strong impact from New Payments will be felt in Distribution while the other four technologies will impact Underwriting, Claims, and Risk Capital & Investment Management.

The paper posits how the various players will fare in an environment of disruption, taking into consideration business models, regulation, innovative capacity and novel data capabilities. Customer acceptance, capital and historical data capabilities are also factored:

(A)   Incumbent Insurers – Recognize the importance of technologies but are limited in their capacity for innovation and scope hence requiring collaborations with startups.

(B)   Big Tech companies – Unlikely to enter the market on a large scale; expected to form partnerships to create risk-sharing models.

(C)   Non-Traditional entrants – Will gain importance while maintaining limited involvement.

(D)  Start-ups – Will drive disruption by enabling incumbent insurers or disrupting individual parts of the traditional value chain.

Telcos, vertical entrants and other service providers will gain importance in the insurance world, though direct full-scale involvement is unlikely.

Link to Full Article:: click here

Digital Insurer's Comments

More insurers are going the InsurTech route for the type of digital innovation required to transform at least key parts of their operation. With all the VC money flowing into InsurTechs the pipeline for insurance-specific innovation is growing increasingly robust.

Over the next 12-24 months we expect a flurry of acquistions by legacy insurers in the InsurTech space as carrier acquire much-needed strategic intellectual property and digital talent.

While it’s tempting to focus on making the right acquisition(s), at least as much attention must be paid to integrating the acquired company into your organization (if at all). Remember, culture eats strategy – and risk-taking startups – for breakfast.

Link to Source:: click here

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