Single User License
INR 190535
Site License
INR 381070
Corporate User License
INR 571605

Service Tax Additional

select a format
Price

Single User License
USD 2795
Site License
USD 5590
Corporate User License
USD 8385

Alternatively

Request a quote
Request a Customized research
Request for Sample Report





Recent Viewed Reports


Why Ken Reasearch?


Testimonials

While we still are studying and analysing your reports about Vietnam & Thailand, we would like to convey to your research team that they have done a very good job in compiling so much of information together. We hope to see more of such well researched reports. All the best & keep it up. ... "Prashant Bhagwat,General Manager, Mahindra"

We would like to appreciate Ken Research for their great efforts and wonderful support in providing the Market Intelligence Report for ITPC. The information, statistics and research are well understandable and very clear to the point. We are happy with Ken research for their good client service, on-time delivery of the report and as said the report itself. Thank you Ken research for bringing the valuable output for us. We would be looking forward to have more research with you in the near future. Wish you a success in your business!... "Jestin Mathew, Indonesian Trade Promotion Center"

The Report was very interesting and useful for me... "Marketing Manager, Western Union Business Solutions"

Ken Research completed the report successfully with tough deadline and large requirement. Really appreciate it... "Sales Manager, Largest India Aesthetic Laser Manufacturer"

We found the report really useful in understanding the complex Indian market and it provided lots of high quality insights. On the basis of this we commissioned Ken to produce a bespoke follow up to answer some specific questions about our market. This is now being used to help develop our marketing and sales strategy. We were very pleased with the comprehensive coverage, detail provided and actionable insights.... "Owner, Therefore Consulting UK"


InsurTech Start-up Landscape

InsurTech Start-up Landscape


  Request for Sample Report

Executive Summary

Insurtech start-ups are emerging as the insurance industry is waking up to the technological advancements customers have come to expect from other industries. The banking sector has been transformed and disrupted greatly by financial technology (fintech), but insurance technology (insurtech) remains a long way behind and a very different proposition, despite recent progress.

Funding to insurtech start-ups surpassed US$1.0 billion halfway through 2016, highlighting the progress made. However, substantial improvements remain essential in basic areas such as mobile websites and apps, while more innovative areas such as blockchain and the Internet of things (IoT) have the capacity to revolutionize the industry.

The vast majority of insurance start-ups are looking to partner with current insurers, as opposed to challenging them. Areas such as customer engagement-particularly improving processes and platforms, increasing efficiency and reducing administration costs-or helping with regulation are the main areas where start-ups are having success.

Looking to challenge the incumbents is extremely difficult, predominantly due to the capital required to underwrite insurance. The most successful start-ups have been identifying insurers' weaknesses, and working alongside them to make improvements.

Technology investment is a major priority for global insurers, Axa, Allianz, Munich Re and Swiss Re have established their own capital venture funds, with a ringfenced budget to invest in new technologies and start-ups. There have been over 80 separate investments in start-ups already as of July 2016, with the year on course to finish with a 42% increase in the number of deals compared to 2015.

Partnering with insurtech start-ups is ideal for large companies which do not have to take on the risk of development. It is also easier for an incumbent to drop a start-up after outsourcing if it does not work out, or if regulations change, than to get rid of a whole department. These companies often struggle with creating the right atmosphere for true innovation, largely due to in-built processes and a reluctance to tolerate failure.

Almost all start-up activity is occurring in the non-life sector, and particularly in motor, home and health insurance. The life market is not exactly primed for innovation, with huge capital requirements, very little customer engagement and heavy regulation, although quantified self is an area to watch.

Non-life, on the other hand, is a much more active segment, with the increased use of data, in particular, starting to have an impact in terms of both tailored policies and even preventative measures. The switch from insurance companies offering financial cover following a claim, to a valuable service, that customers interact with regularly and benefit from greatly, is already happening to an extent, but is set to become mainstream. Examples include telematics as a way to reward good driving, while both health wearables and connected homes look to identify problems before they occur.

Summary

Globally, start-ups received US$1.8 billion in funding in the 12 months to June 2016-down 20.97% on the previous year-although there were 150 deals in that period, which represented a 44.2% rise on the year before.

The substantially more deals being done in the last year and less overall funds being raised is due to an increase in angel investments and early-stage deals, with 48% of deals last year being angel investments. This is because Axa, Allianz, Munich Re, and Swiss Re have established capital venture funds; usually with a budget of around US$100 million to look into investing in innovation and start-ups.

Zhong An, China's first digital insurer and its best-funded InsurTech startup to date, received US$931 million in 2015, which represented a considerable percentage of the total for that period.

Scope

The vast majority of insurance start-ups are seeking to enable insurers, not disrupt them.

The industry is very difficult to break into due to competition at an underwriting level, the amount of funds needed and the level of regulation. This means that most insurtech start-ups are targeting the consumer engagement side of the business-improving the processes or helping with regulation and therefore aiming to partner with incumbent insurers.

Motor, health and home insurance are the main areas where innovation has thrived, and relative success has been seen in the use of wearable Fitbits, telematics and connected homes. All three are at relatively early stages of development, but have already seen strong consumer engagement, which is set to increase substantially over the next five years.

Reasons to Buy

Primary research, with interviews with people heavily involved in insurance start-ups, including founders and mentors

Breaks the market down by technology, such as big data, peer-to-peer etc., discusses trends, gives examples and insight from relevant primary research

Further break downs into life, non-life and health start-ups

Extensive coverage and analysis of the biggest deals and partnerships around the world in 2016

Insight into upcoming regulation and how it may impact the market

Use of exclusive data from Timetric's survey on the future of technology in insurance

Key Highlights

Start-ups in insurance have only really been a force in the last few years, and certainly after fintech was well-established.

Unlike fintech, which offers a direct challenge to the banks ans financial institutions, insurtech start-ups have generally been looking to work with insurers and improve their weakest areas.

The non-life lines, motor and property in particular, are well ahead of other lines of insurance, in terms of both use of technology and start-up penetration.

The incumbent insurers are becoming more and more keen to work with start-ups, with several substantial deals being completed globally over the past couple of years.

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 INDUSTRY OVERVIEW

2.1 Start-up Summary

3 TYPES OF START-UP

3.1 Big Data

3.2 Peer-to-Peer Insurance

4 LIFE/ NON-LIFE START-UPS

5 KEY CHALLENGES

6 ROLE OF THE LARGER COMPANIES

6.1 Deals

6.2 By Geography

7 FUTURE OUTLOOK

8 REGULATION

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact Timetric

10.2 About Timetric

10.3 Timetric's Services

10.4 Disclaimer

Figure 1: Insurtech Global Funding: 2014-2016

Figure 2: Insurtech Average Deal Size: 2014-2016

Figure 3: Insurtech Health/ Non-Health Split: 2014-2016

Figure 4: How Much Will the Following Technologies Affect Insurance in the Next Five Years?

Figure 5: Insurtech Funding and Deals June 2016 Year-to-Date vs Year Preceding

Figure 6: Number of Insurtech Deals and Value of Insurtech Funding, Quarterly: 2014-2016

Table1: Insurance Industry Definitions

Single User License:
The report will be emailed to you. The report is sent in PDF format, allowing one specific user access to the product.

Site Licence:
The report will be emailed to you. The report is sent in PDF format, allowing all users within a given geographical location of your organisation access to the product.

Corporate User License:
The report will be emailed to you. The report is sent in PDF format, allowing all employees within your organisation access to the product.

To know more information on Purchase by Section, please send a mail to query [@] kenresearch.com
 

Oscar, Lemonade, Zhong An, Allianz, Axa, MyFutureNow, Cover Genius, Konsileo, Munich Re, Swiss Re

Start-ups, technology, innovation, Insurance, InsurTech, Life, Health, Motor, Property, Telematics, Big Data, Peer-to-Peer, Regulation


Related Products in vertical
Ken Research Pvt. Ltd. 27A, Tower B-2, Spaze I Tech Business Park, Sohna Road, sector 49
     Gurgaon, Haryana - 122001, India
+91 1244230204

download

Company Brochure

Engage with Us

query [@] kenresearch.com