InsurTech Rising: A Profile of the InsurTech Landscape
Over the past few years, the insurance industry has gradually emerged as an area of opportunity for entrepreneurs seeking to address the inefficiencies and lack of customer-centricity in the current ecosystem. It now includes a number of technology-driven (“InsurTech”) startups that are seeking to deliver more customer-centric insurance products and services in more efficient ways.
Technological advancements, coupled with the capture and analysis of vast quantities of data, have paved the way for tech-driven insurance platforms and technology providers to address significant challenges and shortcomings in the insurance industry. The InsurTech space continues to evolve, with a diverse landscape of tech-driven insurance platforms and technology solution providers that seek to address the numerous pain points associated with today’s insurance industry
In the landscape accompanying this paper, the Center for Financial Markets profiled more than 100 InsurTech platforms, exploring the organizational structure of each platform, how they operate, their growth since inception, and more. Using this landscape as a foundation, the paper provides several takeaways in an effort to help inform both policymakers and regulators on the seismic shifts occurring in the global insurance ecosystem and the efforts to foster and support InsurTech.