Insurable Markets, Business Models, Operations, and Insurtech Disruptors Transforming the Global Insurance Industry
LONDON, Jan. 17, 2019 /CNW/ -- Frost & Sullivan, the growth partnership company, announced today that it will host a live, complimentary Growth Innovation Leadership (GIL) briefing titled, "The Future of Insurance", on Wednesday, 23rd January, at 10 am EST. The webinar will offer Frost & Sullivan's expert insight from Lauren Martin-Taylor, Principal Consultant, Visionary Innovation Group, and Clare Walker, Industry Principal, Business and Financial Services at Frost & Sullivan.
The insurance industry is changing dramatically, from trends driving new insurable markets to insurtechs disrupting the status quo with new strategies, technologies, and business models.
New opportunities in insurance range from tapping into nearer-term opportunities such as new data streams generated by smart cities, offerings that address increasing income divergence, and the role of wearables in reducing worker liability claims, to longer-term opportunities such as self-healing materials, cyber coverage for elective body implants, and policies that address the implications of biological augmentation.
Embarking on emerging insurance business models such as prevention-as-a-service, on-demand insurance, usage-based insurance and value-added services will allow insurers to compete more effectively in this changing market. Likewise, adoption of Artificial Intelligence (AI), automation, and shifting IT infrastructure will be essential to future insurance operations.
Insurtech disruptors are leading the charge in many of these areas. They are developing and embracing the new data sources and advanced technologies to meet the continually changing customer expectations. Innovative carriers understand that transformation is upon them, and there have been several key partnerships between carriers and startups. Many of the partnerships focus on using AI and Machine Learning to automate workflow and address carriers' other pain points, including security and leveraging and storing data.
"Dominant social trends such as millennials, the elderly, and growing income divergence will have a substantial impact on the insurance market, as will technology trends such as AI and connected living," said Martin-Taylor. "Insurers not investing in these areas now will find themselves at a disadvantage in the coming years."
"The introduction of advanced technologies in insurance has modified the ecosystem completely as startups launch new products and business models. The global insurtech market saw more than $1.3 billion in venture capital investment in the first half of 2018, putting it on track to exceed 2017 investment by almost 18%," said Walker. "This rapid growth has compelled insurers to take the necessary steps to remain competitive by partnering with insurtechs that can help them automate, analyze and secure data, and serve their customers better."
Join us to gain a more comprehensive understanding of the insurance market to tap into growth opportunities.
For more information and to register for the webinar, please click here.
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SOURCE Frost & Sullivan