Rise of the Sharing Economy is Fueling the Insurtech Market | Majesco, Oscar Insurance, OutSystems

Insurtech is an industry comprised of technology companies that aim to innovate and disrupt the insurance sector. These companies typically use technology to make the insurance buying process easier and more transparent for consumers or to develop new insurance products that are more tailored to customer needs.

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Key Trends

Insurtech is a broad term that includes any technology that is used to support the insurance industry. This can include anything from customer relationship management (CRM) systems and claims processing software to data analytics and machine learning.

One of the key trends in insurtech is the use of data and analytics to drive decision-making. Insurers are using data to better understand their customers, identify risk factors, and price products more accurately. This is made possible by advances in data collection and storage, as well as improvements in data processing and analysis.

Another key trend is the use of artificial intelligence (AI) and machine learning to automate tasks and make decisions. This is particularly important in underwriting, where AI can help to identify risk factors more accurately. AI is also being used to detect fraud, which is a major problem for the insurance industry.

Finally, another key trend is the use of mobile technology to provide customers with convenient access to their insurance products and services. This includes everything from mobile apps that allow customers to submit claims and track their progress, to chatbots that provide customer service.

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Key Drivers

The most important drivers of Insurtech are:

1. The increasing availability of data: Insurance companies have always relied on data to assess risk and set premiums. However, the amount of data available has increased exponentially in recent years, thanks to the growth of the internet and the proliferation of connected devices. This has made it possible for startups to develop new ways of collecting and analyzing data, which could potentially transform the insurance industry.

2. The rise of the sharing economy: The sharing economy has created new opportunities for insurance companies to develop innovative products and services. For example, companies such as Lemonade have introduced peer-to-peer insurance, which allows customers to pool their premiums and claims. This could potentially reduce the cost of insurance for everyone involved.

3. The proliferation of mobile devices: Mobile devices have become an essential part of our lives, and this is reflected in the insurance industry. Many insurance companies now offer mobile apps that allow customers to manage their policies and make claims. This has made it easier for people to shop around for the best deals and to find the right insurance for their needs.

4. The growth of artificial intelligence: Artificial intelligence is starting to have a major impact on the insurance industry. Insurance companies are using AI to automate the underwriting process, and to develop new products and services. For example, Allstate has developed an AI-powered chatbot that helps customers find the right insurance policy.

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Market Segmentation

The Insurtech market share is segmented on the basis of offering, deployment model, technology, end user, application, and region. By offering, it is divided into solution and service. By deployment model, it is bifurcated into on-premise and cloud. Based on technology, the market is segmented into artificial intelligence, cloud computing, blockchain and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world

Key Players

Top Insurtech market players are Damco Group, DXC Technology Company, Majesco, Oscar Insurance, OutSystems, Quantemplate, Shift Technology, Trov Insurance Solutions, LLC, Wipro Limited, and Zhongan Insurance.

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