Technological developers or players are venturing into insurance industry to furnish the industry with disruptive and innovative solutions. Fintech has been witnessing a similar trend. Digitization of operations and offering services through digital channel is one the key aspects of the fintech. However, the trend is changing at a swift pace, with technology developers not only focusing on the target customers but also competing with traditional banks for their share. As a result, traditional banks or incumbents are engaging in one form of partnership or other with the technology giants to retain their share in the market. Traditional insurance industry is also at the cusp of similar change with insurtech.

What is Insurance Technology?

Traditional insurers have started noticing new technologies that are transforming the lives of their customers. Breakthrough of new technologies such as Big Data, Artificial Intelligence and Internet of Things and emergence of technology-led new entrants are stressing on the need to reinvent themselves. Just like fintech, insurtech is a combination of words, insurance and technology, which refers to the implementation of innovative technologies in helping to reduce the cost for consumers and insurers, while improving efficiency and enhancing customer satisfaction. Earlier, these changes or innovations were only visible to insurance providers as they were working in the backend. Thanks to experiments by insurers with chatbots, application and other tools, these changes are visible to customers as well.

According to TechSci Research report “Global Insurtech Market By Technology (Cloud Computing, Big data & Analytics, Blockchain, Artificial Intelligence, Internet of Things, Others), By Deployment Mode (Cloud and On-premises), By Insurance Type (Commercial Insurance, P&C Insurance, Others), By Region, Competition, Forecast & Opportunities, 2024”, the global insurtech market is anticipated to grow at CAGR of over 30% during the forecast period. The funding for insurtech reached figure of USD 3 Billion in the first two quarters of 2019 and is forecast to surpass USD 5 Billion by the end of the year. Factors, such as personalized product offerings by analyzing data, improved functionality of payment and risk assessment, among others are anticipated to drive the growth of insurtech market, globally. Insurance industry is currently facing the challenge of managing large amount of data, therefore, there is urgent need for adopting digital technologies which not only helps to optimize the work and price of the target product but also in monitoring data.

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