World InsurTech Report 2021
The World InsurTech Report 2021 from Capgemini Group and Efma explores the impact of exponential InsurTech growth and customer adoption on the insurance industry. Discover how insurers address this trend and should prepare for two scenarios we predict in the InsurTech era.
Accelerated demand for insurance protection
COVID-19 accelerated demand for insurance protection. But, in a departure from the past, policyholders now seek coverage from various non-traditional players, including InsurTechs and BigTechs. Policyholders are gravitating towards insurers that offer better “CARE,” where Convenience, Advice, and Reach are at the heart of designing and evaluating the effectiveness of their customer journey.
Increased InsurTechs presence
Tech giants and InsurTechs have secured unprecedented access to capital allocation from investors and are bolstering their digital capabilities, increasing their lead as innovation frontrunners to deliver the CARE equation — customer Convenience, Advice, and Reach, unlock analytics at scale and enhance customer engagement. InsurTech full carriers are transitioning from competitors to insurance incumbents, while InsurTech enablers enjoy healthy growth through collaboration at scale with established insurers.
Reach - critical insurance differentiator
As policyholder expectations evolve, InsurTechs are leveraging investor capital to create a reliable data and analytics foundation and maximize the benefits of AI/IoT solutions and API/open insurance enhancements to enrich their CARE equation delivery, with a focus on Convenience and Reach.
The new insurance value chain
To navigate today’s dynamic environment, Insurers are shifting from “doing digital” to “being digital.” The insurance value chain is evolving its monolithic, siloed approach to data and CX to become a modular and specialized value chain featuring harmonized customer experience. The new insurance value chain will feature two primary scenarios: insurance embedded as a value add within third-party ecosystems, and insurance with added value at the core of complex offerings.
The World InsurTech Report (WITR) 2021 draws on research insights from numerous surveys, roundtable discussions and interviews: World InsurTech Report 2021 Roundtable Discussions, World InsurTech Report 2020–2021 Executive Interviews, 2020 Global Insurance Executive Interviews, 2020–2021 Global Insurance Voice of the Customer Survey, Capgemini COVID-19 Consumer Survey 2021, Capgemini InsurTech Landscape Study 2020–2021, 2021 InsurTech partnership and analytics analysis. The report includes an analysis of more than 900 InsurTechs focused within the United States and Europe, split into three broad categories as full carriers, distributors, and enablers. The analysis draws insights on the InsurTech growth rate between 2020–2021 and the funding obtained for the period 2020–2021.
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- Therese SinterMarketing & Communications Director, Scandinavia
+46 70 361 46 21
Therese SinterMarketing & Communications Director, Scandinavia
+46 70 361 46 21