There is a wide range of innovations being explored in this industry. In 2018, 30 percent of insurance companies were already using or considering using robotic process automation (RPA) to review claims. However, no insurers were already using RPA for underwriting processes. Underwriting automation means that the process of evaluating the risk of insuring a client will be performed by a computer, rather than a person. There is still plenty of room for growth, because very few insurers have mastered how to integrate this innovation into their business models.
The auto insurance industry has already begun integrating technology into its policies, for example with the introduction of usage-based insurance (UBI). In the United States, the most valued UBI feature in 2017 was the automated emergency call. Unsurprisingly, Millennials were shown to be the generation most likely to be willing to share recent driving data in return for personalized insurance quotes in a 2017 survey.
The health insurance industry is another area which has begun to utilize Insurtech. In a 2017 survey, 72 percent of respondents said that they either already shared data with their health insurer or would consider it in exchange for benefits.
Further information on the Insurtech market, trends, key players and more can be found in the Statista Digital Market Trend Report: Insurtech 2017.