Article Synopsis :
Oxbow Partners’ InsurTech Impact 25 2019 report reveals the 25 technology-led businesses it considers to be real movers and shakers in the European insurance industry.
What is the benefit?
Last year, Oxbow made a number of predictions about the way the insurtech market was moving.
In the last year, there has been a move to outcomes away from neat ideas.
It lists examples of how both Zurich and Lloyd’s have entered partnerships that are more about delivering change than grading headlines. This is part of the focus on execution – or getting the job done.
Development across the board…
General insurers are engaging insurtechs to improve their businesses across: data and analytics for risk selection and pricing; specialist insurance systems for certain products or channels; and claims.
Some (re)insurers are seeking opportunities in distribution, most notably Munich Re through its Digital Partners division, while the likes of Hiscox and Zurich will operate more opportunistically. Digitising advice is the key focus in the pensions and investment and some well-established insurtech businesses have become household names.
Telematics is being used in healthcare to encourage behaviour that improves wellness and mitigates risk.
The life market is looking at streamlining the purchase process, but there is a long way to go.
…but distribution is this year’s model
There is more of a distribution flavour to this year’s 25 firms, including services for self-employed drivers and a pensions platform. It has also added a new category – ‘distribution support’ for those businesses that help with distribution but do not sell products themselves.
There has also been considerable growth in commercial lines.
To see who has made it into the 25, follow the link to the report
Link to Full Article:: click here
Digital Insurer's CommentsIt’s always nice to look back and realise you were on track with predictions.
Oxbow seems to have done a good job for 2018 and the focus on distribution looks about right for 2019.
Alternatively, compare notes with the Insurtech Insights report produced by KPMG and TDI here
Link to Source:: click here