April 4, 2017
Image: Withings wearables.
The beginning of the year is usually the time to predict key trends for the year to come, and so it goes with the InsurTech sector as well. Most lists focus on the latest sexy technologies and applications, but after a year, we find these have hardly gained any traction, so cannot really be considered trends. To call something a key trend, new and innovative isn’t enough. It requires adoption at scale. We, therefore, decided to take a different approach, resulting in quite a different kind of list.
Being consultants for several blue chip insurers, speaking at conferences and attending boardroom meetings, we meet insurance executives on a daily basis. Consequently, we have a fairly good idea about what’s at the top of their agenda, as well as the pace in which change will take place, and in turn what InsurTech solutions are most likely to fit into those plans. These insights resulted in our Top 10 InsurTech Trends for 2017, illustrated by some awesome InsurTechs that joined us at the previous DIA event.
This is already a major trend, of course, but one that will gain even more importance in 2017.
Quite a few insurers face combined ratios that are close to 100, or even exceed that number. Digitalizing current processes are absolutely necessary, for operational excellence and to cut costs. The digital transformation of insurance carriers started in 2015, really took off in 2016, and will be mainstream by 2017 and beyond. Virtually every insurer, big or small, that takes itself seriously will continue to look for ways to operate more efficiently in every major part of the costs column: in claims expenses, costs of operations and customer acquisition costs. Technology purchases and investments by insurance carriers will further explode in these areas, as will the number and growth of InsurTechs that cater to that need.
With OutShared's CynoClaim solution, more than 60 percent of all claims can be managed automatically, resulting in lower costs as well as increased customer satisfaction. Results of the first implementations: up to 50% decrease in costs, 40% increase in customer satisfaction. The solution takes six to nine months to implement, whether it is from scratch or a migration of established operations to the platform, which is quite spectacular in the insuran ...
12-month access to 10,000+ insights, research reports, a database of 13,000+ FinTech companies, and a live global community.
instant access to reports and global community along with donation to COVID-19 fund.
12-month access to 10,000+ insights, research reports, a database of 13,000+ FinTech companies, and a live global community.
instant access to reports and global community
MEDICI offers data-driven, original, unique, and forward-thinking content to understand the “why” behind the “what”
10,000+ insights, 100+ research reports, and 1,000+ videos based on data, collected and processed by top-in-class researchers with over seven years of experience in the financial service industry.
We do not stop at the data; we analyze it and extrapolate actionable insights that shape and forecast market trends. All of our pieces are neutral, authentic, and unique – this means that you can’t read them anywhere else!
We do also care about design. It’s why our infographics are the most-used ones in company reports and the most shared ones on social media.
We have one of the largest databases with more than 13,000 company profiles listed across 60+ verticals! The database contains primary data collected in two ways:
Through our Global Listening Engine – a proprietary algorithm able to extrapolate and collect data across numerous sources
Directly from FinTechs – thanks to the onboarding flow through which companies can list themselves on the most used database for venture capital in the industry
You will be added to our private WhatsApp Channel with more than 200 FinTech leaders across the globe, where we engage in discussions around various financial services topics daily. After a few clicks, you’ll get to know the whole community, including the MEDICI team – you can ask questions, suggest topics, and get behind-the-scenes insights
MEDICI Inner Circle™ is the membership you need to freely access all MEDICI content, which includes insights, research reports, videos, startup knowledgebase, and the members-only community for live engagement.
We cover more than 60+ sub-segments in FinTech – but we do not stop there; we also cover topics beyond FinTech, such as InsurTech, RegTech, PropTech, WealthTech, BankTech, AgriTech, and the enabling technologies enabling innovation such as AI, Blockchain, etc.
By becoming a member, you will unlock all the content on our website. A free subscriber gets access to only 5% of what we publish on the web-site. Paid members also get preferred access to our live events, and exclusive access to the members-only community for live digital engagement.
Yes. Please write to us at innercircle@goMEDICI.com.
Yes. Please write to us at innercircle@goMEDICI.com.
We offer a 7-day free trial during which you can access all of our data, insights, and analyses. You can cancel the subscription any time before the end of the free trial period. However, we do not offer refunds.
Sign up to read the article