Artemis ILS NYC 2020

Menu

Reinsurance News

Influence of InsurTech being felt in personal lines insurance: Conning

2nd June 2017 - Author: Luke Gallin

The rise of innovative technology and the resulting increased investment into technology-focused business models is impacting all industries of the world, including numerous areas of the insurance and reinsurance value chain and business systems.

FinTech and InsurTech have become increasingly common words across the risk transfer industry, as a need for greater efficiency combines with advanced and innovative technology to create disruptive business models.

In a recent study, Conning explores the rise of innovation-based disruption and how new business models, which incorporate advanced technology, is impacting personal lines insurance business.

Alan Dobbins, a Director, Insurance Research at Conning, said; “Innovative technologies are targeting different segments of the personal insurance business system.

“The technologies are rooted in mobile and digital—but include a wide range of categories, with fundamental changes in communication, data availability, and computation. Underlying these changes are several critical enabling technologies, from connectivity to analytics to artificial intelligence.”

Underlining the push for investment in InsurTech and FinTech business Conning explains that both the volume and value of insurance/tech deals has increased in the past few quarters. With factors such as greater access to deeper sets of relevant data, a need for greater efficiency, growing consumer acceptance of new technology, and lower technology costs all stimulating demand for InsurTech or FinTech investments.

“Insurtech investments are attacking different links in the personal lines insurance value chain, including product development, client acquisition, underwriting, and claims.

“Digital capabilities and the arrival of new competitors carving off pieces of the insurance value chain may well drive a significant restructuring of the industry. For personal lines insurers, the key will be trying to figure out which parts of this evolving system are areas where you provide the most value and how you are going to connect to the customer,” added Steve Webersen, Head of Insurance Research at Conning.

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Reinsurers express regret at Trump’s exit of the Paris Climate Agreement

Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to...

Close