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