Insurtech 10: Trends for 2019 (KPMG)
Summary
- Market commentators estimate that the insurance industry will be fundamentally transformed in 3 or 4 years and in no longer than a decade.p.7
- Chinese online-only insurer Zhong An has acquired 460 million users and written over 5.8 billion policies since its inception in 2013.p.8
- Ping An reached a valuation of US$217 billion as of January 2018, operating as the world's largest and most valuable insurer.p.20
- Global platforms such as Cover Genius customize products across 20 languages and more than 70 countries, while eBaoTech works with over 100 carriers across more than 30 countries.p.8
- Insurers must shift from traditional demographic segmentation toward behavioral segmentation driven by continuous data from wearables, telematics, and digital interactions.p.31
Key insights
- Insurtech adoption is moving from front-end distribution and marketing toward full-scale value chain automation and core business model transformation.p.7
- Customer satisfaction and retention will become more critical key performance indicators for insurers than operational efficiency alone.p.8
- Ecosystem platforms developed in China demonstrate that scalable automation and frictionless micropayments can successfully unlock previously unprofitable risk segments.p.11
- Speedy claims settlement is becoming a primary driver of customer engagement and loyalty, replacing cumbersome manual claims processes.p.14
- Life insurers must establish positions within digital healthcare ecosystems or risk losing the ability to access data needed to price and manage health risks.p.17
- Artificial intelligence and machine learning operate as transversal technologies across the entire insurance value chain, driving substantial efficiency gains and faster claims estimation.p.25
- Auto insurance coverage is undergoing a structural shift from insuring individual drivers toward insuring vehicles directly or splitting liability between drivers and autonomous systems.p.27
- Underwriters and actuaries will see their roles evolve into advanced data science specialists rather than being entirely replaced by automated systems.p.29
Topics and entities
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