Insurtech and Customer Services: Lessons for the Incumbents

EXECUTIVE SUMMARY

Insurtech groups have made it difficult for insurers to ignore the tech revolution

Key findings

Critical success factors

HOW INSURTECH IS RESHAPING THE INDUSTRY

Introduction

What is insurtech?

Insurtech encourages the use of technology to help connect with customers

The IoT can boost consumer engagement with brands

Insurtech is being used to meet the changing needs and expectations of modern consumers

Insurtech encourages disintermediation and automation in the customer relationship

Insurtech encourages consumers to take insurance matters into their own hands

P2P models provide users with the option to bypass traditional methods

Lemonade entices P2P users with the prospect of making charitable contributions

P2P services remove some of the power and authority from the insurer

Guevara encourages motor insurance customers to pool their resources for protection

Speed and convenience must be offered to modern consumers

Learning from the PFM evolution, insurtech offers improved insurance management

Established insurers are developing their own ventures to invest in digital

Aviva's commitment to new tech is to avoid falling behind

Insurers' commitment to tech must ultimately bring them closer to the customer

Incumbents need to correct the basics before they can truly modernize and move forward

The launch of AXA's tech-focused funding initiative will help with market expansion

Insurers would benefit from augmenting existing capabilities with strategic relationships

Insurers run the risk of competing against insurtech if they fail to embrace it

The future is promising, but a consistent approach to insurtech disruption is required

APPENDIX

Abbreviations and acronyms

Bibliography