Just as other incumbent industries such as banking have had to do, the insurance sector is learning to adopt and adapt to a digital future. Although the industry got off to a slow beginning, there have been over 1.5 thousand insurtech start-ups funded worldwide since 2008. Insurtech companies’ primary business involves the novel use of technology in order to price, distribute, or offer insurance directly. Several technologies such as artificial intelligence, big data, and connected devices are all making insurance a far more concise, and individualized process for both insurance providers and consumers.
TheB2C insurance segment constitutes more than half of the property and motor insurance sector, and in both, digital insurance is widespread. Whether it is through the insurer’s website or comparison sites, a lot of people prefer taking out insurance online than through an agent or broker. Easy access and flexibility are especially valued when it comes to micro- /short-term insurance. According to Statista estimates, the online motor B2C insurance sector, which is one of the leading sectors for innovation, is forecast to increase by a CAGR of three percent between 2018 and 2024, reaching almost 9.4 billion British pounds by 2024. To learn more about the future of the B2C digital insurance industry in the UK, read our in-depth report.
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