InsurTech Innovations in Digitization

Digitization enables innovations in insurance that leverage technology to redefine processes, leading to greater convenience for customers and improved cost efficiencies for insurers. Of all digitization innovations, automation of key processes stood out for having the greatest potential impact, particularly in terms of improving cost efficiencies with more than 90.0% of respondents giving it high marks. More than half of executives were united in their view that mobile-only solutions and open APIs have a strong positive impact across all the business goals.

InsurTech Innovations in Digitization

InsurTech Innovations in Data and Analytics

With the exponential increase in digital customer data, insurers can leverage data and analytics tools to gain deeper customer insights and drive greater personalization. Of all the innovations in data and analytics, insurers agreed unanimously that targeted products and services have the highest impact on both the ability to generate new revenue streams and to enhance customer engagement. Pricing analytics was the only innovation viewed by at least 50.0% of insurers as having a high ability to achieve all four business goals – scalability, cost efficiency, revenue generation and customer engagement.

InsurTech Innovations in Data and Analytics

InsurTech Innovations in Insurance-as-a-Utility

Emerging technologies and the resultant InsurTech capabilities are enabling insurers to explore more flexible business models where insurance can actually be consumed like a utility. Innovations in this area were viewed by insurers as having greater influence on boosting top-line growth and customer engagement, than reducing costs. Insurers agreed that usage-based and on-demand insurance have the highest potential for generating positive returns and attracting customers, with flexible coverage options coming close behind.

InsurTech Innovations in Insurance-as-a-Utility