InsurTech: Innovation in the P&C Insurance Space

“InsurTech” is the mash-up term denoting initiatives at the intersection of insurance and technology, which tend to attract large amounts of both money and hype. The money? According to research firm CB Insights, investors poured nearly $1.7 billion into insurance technology startup deals globally in 2016, with the number of funding deals rising from just over two per month in 2011 to nearly 15 per month in 2016. The hype? It’s hard to find an insurance trade magazine without a cover story on InsurTech and headlines posing intriguing questions such as “Will Technology Make Insurance Obsolete?”1 To determine what may be the height of the hype curve for InsurTech, it may be valuable to pause and survey the current landscape.

Source: Milliman | Published on October 30, 2017

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What is InsurTech?

“InsurTech” or “InsTech” is the insurance-related offshoot of “FinTech,” the term used to describe the combination of financial services, such as banking and investments, and advanced technology. While most commonly used to describe start-up ventures, it can also be applied to initiatives within an established company, such as the recent deployment of artificial intelligence (AI) in claim processing initiated by the Zurich Group. Zurich is using AI to review paperwork, such as medical reports, for personal injury claims and believes its use has significantly sped up claim processing time.

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