quarterly-insurtech-briefing-q4-2017
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Q4 <strong>2017</strong> Industry Theme<br />
The Sobering of InsurTech: Adapting Business<br />
Models for Incumbents<br />
Product & Distribution<br />
1 Product & Distribution<br />
256 Companies • Broadest category includes 256 companies (~57% of InsurTech<br />
$5.9 billion Funding Volume to Date universe) primarily focused on direct distribution and/or specialized<br />
insurance products<br />
InsurTechs by Subsector<br />
• Consumer facing online marketplaces, mobile applications and/<br />
Claims<br />
Management<br />
or specialized products targeting emerging risks in the modern<br />
economy or in underserved niche markets<br />
Data &<br />
Analytics<br />
Business<br />
Process<br />
Enhancement<br />
15%<br />
22%<br />
6%<br />
Homeowners/Renters<br />
57%<br />
Product &<br />
Distribution<br />
• Focused on improving user experience for insurance customers<br />
• Recent research from Aon suggests that 55% of InsurTechs are<br />
seeking to change how customers interact with insurers<br />
• According to an Accenture study, 40% of customers are unhappy<br />
with their coverage and willing to switch to a new provider<br />
• Though many of these businesses focus on disintermediating customers<br />
from incumbents, (re)insurers are increasingly focused on user experience<br />
and will explore acquisitions or partnerships with leaders in the space<br />
and continually evaluate opportunities to provide capacity for consumer<br />
responsive products that demonstrate profitability and scalability<br />
Health<br />
Auto<br />
Diversified/Other Personal Lines<br />
Life & Annuity<br />
Asian Aggregators and E-Commerce Point-of-Sale<br />
Small Business<br />
Insurance-Linked Securities<br />
Source: Aon research and Accenture research.<br />
Quarterly InsurTech Briefing Q4 <strong>2017</strong> 6