Insurtech adoption jumps: EY


Telematics and wearables helping companies better predict claim probability, as well as the inclusion and growth of premium comparison sites, has driven a surge in insurtech adoption, according to a study by consulting and advisory firm EY.

Insurance has made huge gains, moving from being one of the least commonly used fintech services in 2015 to the second most popular in 2017, now standing at 24 percent, according to the most recent EY FinTech Adoption Index.

Fintechs, particularly in the insurance space, have been very successful in building on what they do best – using technology in novel ways and having a laser-like focus on the customer, said Imran Gulamhuseinwala, EY Global fintech leader.

If they haven’t already, traditional financial services companies need to urgently reassess their business models to ensure they are able to meet their customers’ rapidly changing needs. “Disruption is no longer just a risk – it is an undisputable reality,” said Gulamhuseinwala.

Today’s stories

Lloyd’s CEO Beale reveals new oversight strategy, market to shrink in 2017/2018

Cat losses cause US P&C sector profit drop 42.2% YOY in Q1

AXIS Insurance appoints Nance to lead US E&S property business

D’Onofrio replaces Sillat as CEO of Ryan Specialty MGA

German mobile bank expands into insurance

Insurance industry warned the UK government on fire risk before Grenfell disaster

Global reinsurers ask EU for mutual market access with Britain post-Brexit: Report

Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

EY, Insurance, Claims, Insurtech, EY FinTech Adoption Index, Imran Gulamhuseinwala

Intelligent Insurer