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Market Research Report

Insurtech: Market Readiness, Forecasts & Key Vendors 2017-2022

Published by Juniper Research Product code 562758
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Insurtech: Market Readiness, Forecasts & Key Vendors 2017-2022
Published: October 3, 2017 Content info:
Description

Juniper's Insurtech research provides a detailed analysis of how advancing technologies, including AI and consumer telematics, are catalysing the insurance market to rapid adoption of Insurtech. It analyses trends and emerging business models in the sector, with an attendant regional analysis of readiness for Insurtech deployment. Based on these elements, the research suite identifies recommendations for key stakeholders in the industry to inform strategic planning.

The research includes:

  • Market Trends & Opportunities (PDF)
  • 5 Year Market Sizing & Forecast Spreadsheet (Excel)

Key Features

  • Analysis of Insurtech Segment Suitability: Investigates key current and emerging technologies for Insurtech, how they are being deployed in each insurance segment and how suitable they are for further deployment and growth.
  • Key Insurtech Player Analysis: Analysis of the key players driving the Insurtech industry forward, their product offerings and future strategies, encompassing the following:
    • Juniper Disruptors & Challengers Quadrant
    • Analysis of key players' footing for future growth
  • Regional & Sector Analysis: Understand the key markets for Insurtech and how prepared each market is for Insurtech deployment. Includes analysis of:
    • Business models present in the segment, including direct selling and digital broking
    • Analysis of the impact of increasing market regulation
    • Key drivers and constraints influencing the sector
    • Strategic recommendations for stakeholders in this space
  • Benchmark Industry Forecasts for size and growth of the Insurtech market, broken down by:
    • Total Global Insurance Market
    • Consumer Insurance Telematics
    • Home Insurance
    • Life Insurance

Key Questions

  • 1. How and to what extent will Insurtech players disrupt the insurance market?
  • 2. Which segments of the insurance market are most ripe for disruption?
  • 3. What challenges do Insurtech players face in driving adoption of new technologies?
  • 4. Which regional issues will affect adoption of Insurtech worldwide?
  • 5. What will the Insurtech market be worth over the next five years?

Companies Referenced

Profiled in Juniper Disruptors & Challengers Quadrant: BIMA, Brolly, Hippo, Lemonade, Neos, Neosurance, Sherpa, Simplesurance, Snapsheet, The Floow, Trov.

Case Studied: Carrot, Lemonade, Neos, Snapsheet, Tractable.

Mentioned: Admiral, Ageas, AIG, Allianz, Allstate, American Family Insurance, Apple, Atradius, Aviva, AXA Group, Axiata, Berkshire Hathaway, BNP Paribas, Canary, China Life Insurance, China Pacific Insurance, CIRC (China Insurance Regulatory Commission), Clover Health, CNP Assurances, Cocoon, Coface, Collective Health, Compare.com, CRiskCo, Digicel, Euler Hermes, Facebook, Friendsurance, FSA (Financial Services Agency of the Japanese Government), Fukoku Mutual Life, GEICO, Generali Group, Go Compare , Goji, Great Lakes Insurance SE, Gryphon, Hiscox, IBM, Insurance Hotline, John Hancock, LeakBot, Liberty Mutual, MetLife, Metromile, Moody's, Munich Re, National Indemnity, New China Life Insurance, NTUC Income, One, Inc, Oscar Health, People's Insurance Company of China, Ping An Insurance Group, PolicyGenius, Prudential Financial, Rakuten, Suncorp, Swiss Re, Tigo, USAA, Willis Towers Watson, Worry+Peace, Zhong An, Zoopla, Zurich Insurance Group.

Data & Interactive Forecast

Juniper's Insurtech forecast suite includes:

  • Country level data splits for:
    • Canada
    • UK
    • US
    • France
    • Germany
    • Brazil
    • Mexico
    • Plus 8 key global regions
  • Data splits by Insurance Segment:
    • Global Insurance Market
    • Consumer Insurance Telematics
    • Home Insurance
    • Life Insurance
  • Interactive Scenario tool allowing user the ability to manipulate Juniper's data for 30 different metrics.
  • Access to the full set of forecast data of 80 tables and over 9,600 data points.

Juniper Research's highly granular interactive excels enable clients to manipulate Juniper's forecast data and charts to test their own assumptions and compare markets side by side in customised charts and tables. Ifxls greatly increase clients' ability to both understand a particular market and to integrate their own views into the model.

Table of Contents

Table of Contents

1. Key Takeaways & Strategic Recommendations

  • 1.1 Insurtech: Key Takeaways
    • Figure 1.1: Key Forecast Findings, 2022
  • 1.2 Strategic Recommendations

2. Insurtech Market Landscape

  • 2.1 Introduction
  • 2.2 Market Overview
    • Figure 2.1: Insurance Spending as a Percentage of GDP, Selected Countries, 2010-2015 (%)
    • Figure 2.2: Leading Diversified Insurers Landscape
    • Figure 2.3: Leading Diversified Insurers by Region
  • 2.3 Insurtech Technologies
    • Figure 2.4: Insurtech Technological Landscape
    • 2.3.1 AI
    • 2.3.2 Chatbots
    • 2.3.3 Telematics
    • 2.3.4 IoT Data
    • 2.3.5 Smartphone APPS
  • 2.4 Insurance Segments & Insurtech
    • 2.4.1 Car Insurance/Telematics
      • i. Case Study: Carrot Insurance
      • ii. Barriers to Implementation
    • 2.4.2 Home/Property Insurance
      • i. Case Study: Neos Home Insurance
    • 2.4.3 Life/Health Insurance
    • 2.4.4 Trade Credit Insurance
    • 2.4.5 Marine/Cargo Insurance
    • 2.4.6 Travel Insurance
    • 2.4.7 Insurance Broking
  • 2.5 Investment Landscape
    • Figure 2.5: Insurtech Investment Landscape
    • 2.5.1 Investment Trends

3. Insurtech Regional Dynamics: Market Drivers & Constraints

  • 3.1 Key Regional Markets for Insurtech
    • 3.1.1 North America
      • i. Economic Outlook & Insurance Market
      • Figure 3.1: GDP Growth (%), Selected Countries & Global, 2006-2016
      • ii. Insurtech Readiness
      • iii. Regulatory Framework
    • 3.1.2 West Europe
      • i. Economic Outlook & Insurance Market
      • Figure 3.2: Allianz, AXA and Zurich Gross Premiums Written ($m), 2015-16
      • ii. Insurtech Readiness
      • iii. Regulatory Framework
    • 3.1.3 Far East & China
      • i. Economic Outlook & Insurance Market
      • Table 3.3: Top 5 Major Chinese Insurance Companies
      • ii. Insurtech Readiness
      • iii. Regulatory Framework
  • 3.2 Insurtech Key Drivers & Constraints
    • 3.2.1 Key Drivers
    • 3.2.2 Key Constraints
      • iii. Case Study: Lemonade
      • v. Case Study: Tractable
  • 3.3 Insurtech Business Model Analysis
    • 3.3.1 Direct Insurance
      • i. Assessment of Approach
    • 3.3.2 P2P (Peer-to-Peer) Insurance
      • i. Assessment of Approach
    • 3.3.3 Digital Broking
      • i. Assessment of Approach
    • 3.3.4 Insurance Support Services
      • i. Assessment of Approach
      • ii. Case Study: Snapsheet
    • 3.4 Insurtech Opportunities & Recommendations

4. Insurtech Player Analysis

  • 4.1 Insurtech Player Analysis & Positioning
    • Figure 4.1: Juniper Insurtech Disruptors & Challengers Quadrant
    • 4.1.1 Disruptors
    • 4.1.2 Catalyst Players
    • Figure 4.2: The Floow Drive Behavioural Coaching
    • 4.1.3 Embryonic Players
    • Figure 4.3: The Brolly App
    • Figure 4.4: Smart Sensors Offered by Neos
    • 4.1.4 Nascent Players

5. Insurtech Market Forecasts

  • 5.1 Introduction
  • 5.2 Methodology & Assumptions
    • Figure 5.1: Insurance Market & Insurtech Forecast Methodology
    • Figure 5.2: Consumer Telematics Market Forecast Methodology
    • Figure 5.3: Home & Life Insurance Forecast Methodology
  • 5.3 Global Insurance Market Forecasts
    • 5.3.1 Global Market for Insurance Premiums
    • Figure & Table 5.4: Global Market for Insurance Premiums ($m), Split by 8 Key Regions 2017-2022
    • 5.3.2 Digital Channels Premium Revenue
    • Figure & Table 5.5: Insurance Premium Revenues Generated via Digital Channels ($m) Split by 8 Key Regions 2017-2022
    • 5.3.4 Insurtech Premiums Generated by AI Systems
    • Figure & Table 5.7: Total Insurtech Premiums Generated by AI Systems ($m) Split by 8 Key Regions 2017-2022
  • 5.4 Consumer Telematics Forecasts
    • 5.4.1 Revenues for Insurance Telematics Providers
    • Figure & Table 5.8: Hardware and Installation Revenue for Insurance Telematics Providers ($m) Split by 8 Key Regions 2017-2022
    • 5.4.2 Connectivity Enablement Revenues
    • Figure & Table 5.9: Total Insurance Telematics Connectivity Enablement Revenue ($m) Split by 8 Key Regions 2017-2022
  • 5.5 Home Insurance Forecasts
    • 5.5.1 Home Insurance Premiums Written via Insurtech
    • Figure & Table 5.10: Total Value of Home Insurance Premiums Written via Insurtech ($m) Split by 8 Key Regions 2017-2022
    • 5.5.2 Cost Savings from Analysing Home Insurance Claims with AI
    • Figure & Table 5.11: Total Cost Saving Assessing Home Insurance Claims via AI ($m) Split by 8 Key Regions 2017-2022
  • 5.6 Life Insurance Forecasts
    • 5.6.1 Life Insurance Premiums Written via Insurtech
    • Figure & Table 5.12: Total Cost of Life Insurance Premium Issued via Insurtech ($m) Split by 8 Key Regions 2017-2022
    • 5.6.2 Life Insurance Premiums Underwritten by AI Underwriting Systems
    • Figure & Table 5.13: Total Value of Life Insurance Premiums Underwritten by AI Underwriting Systems ($m) Split by 8 Key Regions 2017-2022
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