In-depth: InsurTech 2019

Statista Digital Market Outlook

In-depth: InsurTech 2019 The premiums of the global insurance market exceeded US$4.9 trillion in 2017 – a fact that has not gone unnoticed by start-ups that are hoping to disrupt yet another industry. The InsurTech wave does not only stand for a technological advance in the traditional business, it also brings forth completely new business models like peer-to-peer, or microinsurances.

Find out what is going on in the InsurTech market, what the consumers think, and who the major players are in our report.

What's included?
  • Market segments & funding
  • Technological impact & trends
  • Consumer insights
  • Company deep dives: BIMA, Clover, Collective Health, etc.
  • Comprehensive list of start-ups

This reports shows which technologies and new business models belong to InsurTech and who the most active players in the area are.

The insurance industry with global premiums exceeding US$4.9 trillion in 2017 is one of the most complex businesses around. The main factors driving the growth of InsurTech include an archaic distribution system, dwindling consumer trust in the incumbents, millennial appeal and most importantly, a huge commercial potential for start-ups offering new and relevant products. Overall investment in InsurTech start-ups increased from US$0.3 billion in 2013 to US$2.2 billion in 2017 at a CAGR of 69.2%. The investment reached US$2.7 billion at its peak in 2015.

Currently, technology is at the core of every insurer’s strategic imperatives. Emerging technologies are transforming the insurance landscape as they enable new methods of assessing and controlling risk, improving efficiency, engaging with customers, preventing fraud, personalizing coverage and delivering products. Most consumers find traditional insurers like insurance companies and direct insurers trustworthy. Only about a fifth say that new market entrants like insurance start-ups and peer-to-peer insurances are fully or largely trustworthy. The U.S. is ahead in adopting new digital business models in the insurance industry.

Insurance companies are setting up accelerators and innovation hubs as well as digital garages or in-house innovation hubs to offer new products and services and optimize their existing offerings with the help of digital disruptions in InsurTech. Moreover, insurance companies and internet companies are making partnership arrangements to offer new products. Although, the phenomena is global, the majority of the InsurTech companies mainly located in the U.S.

  • Language: English
  • Released: February 2019
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