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10 Takeaways from the World InsurTech Report 2019

6 minutes, 6 seconds read

The insurance market dynamics are changing rapidly. While a connected ecosystem is the need of the time, agility and new business models are a way through. The current edition of the World InsurTech Report (WITR) emphasizes on developing synergies between Insurers and InsurTechs for the success of the future insurance marketplace. Here are 10 key takeaways from WITR 2019.

Insurance Business Process Improvements

Tech giants like Alibaba, Amazon, Apple, Facebook, and Google are entering the Insurance space with enormous customer data. Moreover, customers (nearly 30%) are responding positively to buying insurance products from BigTech firms, according to the World Insurance Report 2018. WITR proposes the following business process improvement for Insurers to remain market-fit.

#1 Partnerships with Insurtechs, Financial Institutions and Industry Players

90% of InsurTechs and 70% of Incumbents believe partnerships are crucial. And these partnerships are not confined only to the insurance sector. These can include collaboration with financial, technology, healthcare, travel, transportation, hospitality, retail, and more.