New Study Identifies Winners in Growing InsurTech Space
17 5월 2017 - 6:00PM
Business Wire
Oliver Wyman and Policen Direkt Break
through Industry Hype
A new report from consulting firm Oliver Wyman and InsurTech
investor Policen Direkt analyses InsurTech business models
worldwide and pinpoints winners and losers.
The report titled, “InsurTech Caught on the Radar, Hype or The
Next Frontier?” is the first systematic in-depth analysis of the
InsurTech landscape globally, which does not only report the status
quo, but provides a forward-looking perspective on the impact on
the industry. The entire report can be viewed here.
“InsurTech has become a hot topic for founders, investors and
insurers,” said Dietmar Kottmann, Oliver Wyman partner and
co-author of the report. “InsurTechs have already impacted the
insurance industry globally and triggered a lot of change – often
to the advantage of the consumer.”
However, the InsurTech Radar shows that the current startup
activities are not yet exploiting all possible innovation
opportunities.
“A lot of the InsurTech investment today seems to be driven by
conventional e-commerce thinking applied to insurance,” said
Nikolai Dordrechter, Managing Director of InsurTech investor
Policen Direkt and co-author of the report. “Some areas are
overcrowded already and will see a shake-out. But there are also
some surprising white spaces offering great opportunities for
entrepreneurs and investors.”
The InsurTech Radar identifies and examines startup business
models across the industry value chain and determines likely
winners in each category – either InsurTechs, established
(re)insurance players, pure tech players or attackers from adjacent
areas.
Findings across the industry value chain (proposition,
distribution and operations) include:
- Proposition: The proposition
segment comprises companies developing insurance based products and
services. It is the smallest and most troubled of the three
segments because there is the largest mismatch between the level of
InsurTech activity and their chances of success. On the other hand,
it also has attractive pockets with little activity today,
presenting untapped investment opportunities. For example,
companies that are positioned as Risk Partners are likely to
attract interest from established insurers. InsurTech companies
focused on new digital risks (cyber insurance or insurance for
digitally enabled businesses) or companies promising to “deliver
more than only insurance coverage” face strong competition from
established insurers.
- Distribution: The idea of
innovating the insurance sales process has attracted the highest
number of startups around the globe. However, the distribution
segment also suffers from an activity/attractiveness mismatch in
some areas. B2C-Online Brokers face especially strong competition
and have little opportunity for differentiation. It is evident that
not all will survive. But there are also promising business model
categories for startups. These include Corporate Platforms
companies designed to sell insurance products through large HR
functions and Financial Partners, InsurTechs focused on personal
finance offerings.
- Operations: The operations
segment, which focusses on enabling and running insurance
businesses, has the highest consistency between activity level and
chances of success. There is a lot of InsurTech activity in the
Americas, followed by EMEA. Operations is also the segment where
InsurTechs are most likely to dominate. Claims continue to be an
attractive business model category for InsurTechs combining a high
market potential with high chances of success. Underwriting is
attractive as well – but there is strong competition from
traditional reinsurers here.
Dordrechter said, “Even if InsurTechs win a specific category
that does not necessarily mean that established insurers go out of
business and become obsolete. Additionally, the majority of
InsurTechs focusses on collaboration with the established insurance
industry. Few startups have positioned themselves as direct
attackers.”
Kottmann concluded, “The first wave of InsurTechs brought
forward a lot of activity but little real disruption. There will be
a second wave of InsurTechs which are savvier, more creative and
more ambitious, with the potential to truly change the way insurers
cover risk. The question is how will the insurance industry
respond?”
About the report
The InsurTech Radar report was developed using a proprietary
database of more than 1,000 InsurTechs and other relevant players,
such as FinTechs evolving into the insurance space or general tech
players that help solve insurance problems globally. Policen Direkt
and Oliver Wyman then classified all startups by distinct business
model categories and mapped each category in the industry value
chain (proposition, distribution, operations). The InsurTech Radar
uses a comprehensive framework to assess the nineteen identified
business model categories by their individual market potential as
well as their chances of success. As a result, likely winners and
losers were determined.
About Policen Direkt
The Policen Direkt Group, based in Frankfurt, Germany, was
founded over ten years ago as a start-up in the insurance industry.
With a novel business model, the aim was to provide added value to
end customers by extending the insurance value chain: life
insurance resale in the secondary market on a newly created,
proprietary technology-based platform. Policen Direkt has
successfully founded its own InsurTechs in the fields of business,
annex and P&C insurance, invested in young companies, and is a
sparring partner of founders and investors. The Group also operates
a platform for consolidating and digitalizing the established
insurance brokerage market. For more information, visit
www.policendirekt.com. Follow Policen Direkt on Twitter
@PolicenDirekt.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With
offices in 50+ cities across nearly 30 countries, Oliver Wyman
combines deep industry knowledge with specialized expertise in
strategy, operations, risk management, and organization
transformation. The firm has more than 4,500 professionals around
the world who help clients optimize their business, improve their
operations and risk profile, and accelerate their organizational
performance to seize the most attractive opportunities. Oliver
Wyman is a wholly owned subsidiary of Marsh & McLennan
Companies (NYSE:MMC). For more information, visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517005132/en/
Oliver WymanFrancine Minadeo,
212-345-6417francine.minadeo@oliverwyman.com
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