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Insurers to adopt the insurtech ; some innovations are in slow motion, reveals a survey

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Writing

25 September 2018 13:30

Nearly nine property and casualty insurers out of ten (88 %) say that the insurtech offer good business opportunities, and that they prefer to make use of their services rather than develop their own technology, reveals a survey on global carried out by the company’s fraud prevention FRISS. Moreover, 11 % of insurers are considering purchasing a insurtech in order to maintain and grow their product.

Half of the respondents said that they currently working on applications of technology in insurance or make experiments with them. Nearly one-insurer-in-five (19 %) invests in these technologies.

“The digital transformation offers the insurance industry the opportunity to use technology to improve the efficiency, effectiveness, customer satisfaction and to achieve new strategic opportunities. These opportunities could create new services or business models and improve efficiency. Digitisation also opens doors to improve the customer experience, ” say the authors of the report.

Online distribution seems to be laborious

The results reveal also that the development of online distribution seems to be slower than expected, while 69 % of insurers have some form of online distribution. In 2016, this proportion was 65 %. However, 45 % of insurers that have not yet this mode of distribution say they want to implement in the next year.

“The digital transformation of the insurance sector is in full swing. The sector is very aware of the fact that this process is not simply enjoyable, but it is increasingly the engine of the industry. However, all developments do not seem to penetrate the sector as a whole and the pace is slower than expected. The companies leading the way are, therefore, more advance and companies slower will have to make big efforts to avoid technological backwardness insurmountable “, conclude the authors.

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