Blockchain Innovation in the Financial Services Sector
The benefits of blockchain for customers underpin the benefits for insurers and the financial services industry more widely. Clear audit trails and the ability to monitor and audit financial transactions in real-time enhance the ability of regulatory supervisors to ensure the stability of the financial system.
Why More Insurers Need IT Infrastructure Modernization
Although 60% of insurers believe improving customer experience (CX) would have the highest impact on their competitive positioning, many don’t pursue progressive CX strategies because they are shackled by legacy IT infrastructure.
via Everest Group
How Artificial Intelligence Benefits Regtech Innovation
According to the latest market study by Juniper Research, insurers will spend $634 million on Robotic Process Automation (RPA) solutions by 2024, rising from $184 million in 2019 — that’s a 245 percent increase over the next 5 years.
Blockchain Technology Revenue will Reach $10 Billion
Despite a strong growth outlook from a revenue perspective, the blockchain market beyond financial and insurance applications is struggling to evolve, due in large part to the lack of a middleware class of blockchain offerings, which can help tie-in Blockchain-as-a-Service (BaaS) with applications from startups.
Artificial Intelligence will Transform the Insurance Sector
According to the latest worldwide market study by Juniper Research, the value of artificial intelligence (AI) underwritten insurance premiums will exceed $20 billion by 2024 — that’s up from an estimated $1.3 billion in 2019.
Exploring Insurer and AI InsurTech Partnerships
Total InsurTech funding reached $2.3 billion in 2017, a 36 percent increase from the $1.7 billion recorded in 2016. In 2016, AI and IoT accounted for almost half of the total investment in InsurTech startups globally.
via Everest Group
Insurance Industry Technology Investment Gains Momentum
Almost $6 billion has been invested globally in insurance technology startups (Insurtech) in the last five years, particularly in digital customer engagement, mobile insurance management and analytics. In Australia, a new Insurtech industry association was launched this month, dedicated to the advancement of insurance innovation and startups.
Source: Gartner
Insurtech Platform Revenue to Reach $235 Billion in 2021
Fintech platform revenues derived from supporting the insurance industry (Insurtech) will reach almost $235 billion globally by 2021, that’s up by 34 percent y-o-y from an estimated $175 billion this year, according to Juniper Research.
Source: Digital Lifescapes
Global InsurTech Market is Driven by EMEA Region
The global InsurTech market is expected to post an impressive growth in terms of CAGR of more than 10% during the forecast period 2016-2020. EMEA occupied the maximum share of over 72% in the global insurtech market during 2015.
Source: Technavio
Exploring the Insurance Industry Digital Transformation
Gartner predicts that 80 percent of life, property and casualty insurers globally will partner with or acquire Insurtech companies by the end of 2018. Analysts believe that these pioneers can stimulate or accelerate innovation among incumbent industry players, and complement existing digital transformation strategies.
Source: Digital Lifescapes
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