NEW YORK, Dec. 4, 2019 /PRNewswire/ -- As investment in the InsurTech space continues to grow rapidly—from $140 million in 2011 to $4.9 billion in 2018—it is increasingly critical for the insurance industry to keep abreast of key trends.
QBE North America, an integrated specialist insurer, and Village Capital, today released a new research report outlining trends in InsurTech that are shifting the business of insurance while increasing access to insurance.
"Impact InsurTech" pinpoints three powerful themes: insurance for all; society shaping insurance and micro-transformations influencing macro risks. Through innovations such as robotic process automation, AI, blockchain and drone technologies, insurance processes are increasingly more efficient, increasing both affordability and accessibility. Insurtech is also changing the way real-time and predictive data can be captured and used to promote development of insurance products that are responsive to emerging risk, allow for customized coverage and pricing solutions to respond to macro-risks such as climate change or cyber risk, and drive future resilience.
"Insurance has shaped patterns of economic and social growth since its inception," said Allie Burns, Chief Executive Officer of Village Capital. "Insurance technologies are fueling the emergence of affordable, accessible, and customizable solutions and enabling consumers, companies, and communities to create a more resilient future. We are thrilled to partner with the QBE Foundation to dive into this exciting topic."
"These findings unequivocally demonstrate why we need to remain resolute in our devotion to advanced innovation, and QBE was pleased to sponsor this important research," said Ted Stuckey, Managing Directors of QBE Ventures, the venture capital arm of QBE Insurance Group, which invests globally in companies that provide QBE access to future-focused technologies.
He continued, "We are committed to fostering the development of industry-changing ideas. Delving deeply into the state of the InsurTech space is critical to building a more customer-focused, sustainable industry—which is good for all of us."
Key data points highlighted in the "Impact InsurTech" report include:
- 79% of insurance executives noted that AI will revolutionize the way their firms produce and deliver their products
- 37%-56% of InsurTech start-ups focus on improving distribution. This is resulting in new opportunities to cater to the underserved and contributing to better economic stability across society.
- InsurTech is increasing transparency, allowing greater consumer engagement and broadening consumers understanding on how their decisions influence their costs.
- The IoT sector is projected to be worth $1.7T by 2020, and insurers are adjusting accordingly by ramping up IoT initiatives.
- 72% of consumers believe that insurance companies use confusing jargon, however InsurTech solutions are revolutionizing how consumers are engaging with and understanding their policies, increasing participation and mitigation of risk.
Read the full report to reveal how these statistics are fuelling the InsurTech landscape and driving innovation to make the world a better place.
QBE North America, an integrated specialist insurer, is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2017 of $4.6 billion. QBE Insurance Group's 2017 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 31 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
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SOURCE QBE North America