AI Platform Revenues Within Insurance to Grow by 23% to $3.4 Billion Between 2019 and 2024
DUBLIN, Nov. 19, 2021 /PRNewswire/ — The “United Kingdom Insurtech Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The UK insurance industry is fundamentally changing. The UK general insurance market continues to be fiercely competitive but is troubled by sustained low profitability fueled by the predominance of online distribution channels. Insurers recognize that the everyday lives of their customers are being transformed by new technologies. They also recognize that this transformation is affecting their own industry, which is undergoing an ecosystem disruption caused by technology-driven new entrants and existing competitors alike. Insurers are thus facing increasing pressure to evolve and reinvent themselves before that disruption hits the bottom line.
Just as the banking industry is being revolutionized by FinTech companies, so the insurance industry is joining the digital revolution. For millennials and other customers who are now getting comfortable running their entire financial lives from their mobile devices, insurance represents just another component of their financial lives that can be handled on a phone, via an app. consumers now demand real-time engagement and online access to services managed across their mobile and personal devices.
Insurers, therefore, need to embrace the transition from the traditional and rather dusty world of insurance to a new, comprehensive, fully integrated, digital ecosystem. The InsurTech industry looks to be here to stay. Young and agile startups will continue to make inroads into the mature UK insurance industry.
Gryphon Group Holdings
Bought By Many
Key Market Trends
Insurtech Focus on Analytics/Big Data and AI
The emerging wave of “Insurtech” solutions companies are seeking to transform the business of insurance through the introduction of Big Data, Machine Learning, and AI capabilities. When insurance providers tap into the vast repositories of Big Data that is available to them and combine this data with machine learning and AI capabilities, they can develop new policies that can reach new audiences.
According to various studies, AI platform revenues within insurance would grow by 23% to $3.4 billion between 2019 and 2024. Most traditional insurance companies don’t use a lot of data to create their products. They rely on demographic information that is 40 years old, and older. They are struggling to price policies correctly and many will miss out on huge financial opportunities. insurance companies must evolve to adapt to changing customer demographics and preferences.
Digital transformation of the insurance industry accelerated during the Covid-19 pandemic, as a growing number of consumers turned to digital channels to shop for insurance solutions. This prompted leading insurers to invigorate their digital transformation initiatives. New Insurtech companies help traditional insurers price products more competitively, deliver products that consumers want, and improve the efficiency and convenience of the insurance purchase process for both the consumer and for the insurance agent.
UK Insurtech VC Funding
COVID-19 pandemic shifts InsurTech investment priorities. The growing success of UK insurtechs has been largely attributed to the creative ways they address customers’ insurance needs in an increasingly digital economy, opening up new opportunities across the whole of the insurance value chain. Insurtech is thriving in the UK, having spun out of the Fintech revolution and UK Insurtechs are providing solutions across the whole insurance market. This is enabling insurers and carriers to deliver innovative products that challenge the status quo of the incumbents, in personal lines, commercial insurance, and for specialist markets.
In response to the growing desire amongst both insurtechs and insurance firms to foster stronger partnerships with one another, they now explore how insurance firms and insurtechs can best work together to foster real relationships and drive higher levels of innovation across the industry.
UK insurtech market is highly competitive, with the presence of both international and domestic players. The market studied presents opportunities for growth during the forecast period, which is expected to further drive the market competition. With multiple players holding significant shares, the market studied is competitive.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.1.1 Regulatory Framework in The Industry
4.1.2 Introduction of Various Technologies in InsurTech
184.108.40.206 Analytics / Big data
220.127.116.11 AI / Automation
18.104.22.168 Connected Insurance
4.1.3 Benefits of InsurTech
4.1.4 Brexit Impact on the InsurTech Sector
4.1.5 The Niche InsurTech markets
22.214.171.124 Appetite Solutions
126.96.36.199 Data Solutions
188.8.131.52 Payment solutions
184.108.40.206 Quoting Solutions
4.2 Market Drivers
4.2.1 Customer Acquisition
4.2.2 Customer Retention
4.2.3 Risk Assessment
4.2.4 Fraud Prevention and Detection
4.3 Market Restraints
4.3.1 International jurisdiction
4.3.2 Privacy challenge
4.3.3 Regulation and Governance
4.4 Value Chain/Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.6 Impact of Covid 19 on the Industry
5 MARKET SEGMENTATION
5.1 By Insurance type
6 COMPETITIVE LANDSCAPE
7 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/ytzk92
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SOURCE Research and Markets