As InsurTech Wave Matures, Insurers See Partners More Than Competitors
Novarica’s annual report profiles 200 InsurTechs with focus on opportunities to partner, learn, and create value
Boston, MA (Sept. 17, 2019) – As the wave of investment in InsurTech continues and more of innovative new startups bring offerings to market, most insurers’ initial fears are turning to curiosity. InsurTechs are increasingly seen as chances for insurers to partner, license technology, or to learn. In a new report, InsurTech for Insurers: 200 Startup Profiles, research and advisory firm Novarica outlines the InsurTech landscape today and profiles 200 startups, focusing on the relevance of each to incumbent insurers.
“Not every InsurTech startup will interest every insurer; not every insurer will decide to partner with or invest in InsurTech startups. However, every insurer should take stock of what is happening in the space and learn the lessons that will make their organization stronger,” said Jeff Goldberg, Executive Vice President of Research and Consulting and co-author of Novarica’s new report. “Across all lines of business and across all sizes, insurers will feel the impact as InsurTech startups shift customer expectations and point the way for more effective, insightful operations.”
Key findings include:
- AI is everywhere. The space has seen a rise in insurance-specific conversation platforms, machine vision, and AI applied to predictive analytics for fraud detection, sentiment analysis, and book of business review.
- Startups cover all parts of the industry. More startup founders are industry vets, which means companies are now beginning to tackle more complex coverages and back-end processes.
- Startups previously positioned as competitors are becoming partners. Many startup “carriers” are licensing their platforms to allow insurers to develop niche products and branch into new lines of business, though the effectiveness of this pivot is yet to be proven.
A preview of the report is available online.
Summary
Most research and media focused on InsureTech startups is written for innovators and investors, not for insurers. This report profiles 200 InsureTech startups—including Analytics Arms Dealers, Beneficial Bots, Creative Carriers, and Digital Distributors—from the point of view of insurers. It focuses on two key questions: Does this matter to my company, and what can we learn from it?
Topics:
- Types of InsureTechs. Novarica categorizes the startup environment for easy classification.
- Engaging with InsureTech. Additional approaches to InsureTech involvement exist for companies that are not ready to invest in a startup or startup fund.
- InsureTech Profiles. The 200 vendors in this report serve as a starting point for insurers learning about InsureTech.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: Artificial Intelligence (AI), InsurTech, Novarica, startup Read the original article at Insurance-Canada.ca