The benefits of the digitization process of insurance services include: simplified access for end users via the Internet or mobile apps, reduction in costs, a stronger focus on buying experience and customer service and cost optimization for the insurer.
The InsurTech market is currently dominated by non-life companies that focus primarily on distribution, and we expect seeing a significant shift to online channels in few years. Given the fact that insurance expenditures are often seen as a financial burden and the process of shopping for insurance can be time-consuming and not particularly amusing, there is a high potential in transferring the entire buying process to the Internet and delivering a quick and accurate underwriting experience.
The "InsurTech Online Distribution" market relates to digital insurance distribution to private customers. Included are personal and/or individual policies in life, health, motor, property and liability insurance sold directly to the customer via direct online channels, such as insurance company website or an aggregator plattform. Prerequisite is that the customer has completed the entire application or enrollment process online before the policy is issued.
All financial information refers to the potential direct premiums written for policies sold online in the respective products groups. Both new policies and renewal of policies once purchased online are included in the total direct premiums written calculation.
The following are not included in the current market definition: agency commissions via metasearch engines, any types of commercial or collective insurance and complementary services such as insurance advisory. Policies sold over other direct channels, such as call center or via e-mail, are not considered and the policies sold offline by an agent of company employee to a customer after he or she has requested a quote online are not included.
- Individual insurance policies sold directly to the customer over the internet
- Individual life insurance
- Individual health and accident insurance policies (incl. supplementary policies, e.g. dental)
- Personal motor insurance (incl. cars and motorcycles) and property insurance (home- and farmowners, as well as renters policies)
- General personal liability insurance
- Any type of commercial or group (except family) insurance policies
- Personal policies sold over other direct channels, such as call center or e-mail
InsurTech Report 2018 - Online Distribution
Statista Digital Market Outlook - Special ReportDownload
Direct Premiums Written Direct Premiums Growth
in the Special InsurTech: Online Distribution market in million £ in percent
- Direct Premiums Written
- Direct Premiums Growth
Policies in force
in the Special InsurTech: Online Distribution market in millions
av. Premium Paid per Policy
in the Special InsurTech: Online Distribution market in £
Here you can find more studies and statistics about "Special InsurTech: Online Distribution".