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.
Companies Mentioned
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Gryphon Group Holdings
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Zego
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Bought By Many
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Quantemplate
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Trunomi
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Anorak Technologies
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Wrisk
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Cazana
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Setoo
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By Miles
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…
Read More: AI Platform Revenues Within Insurance to Grow by 23% to $3.4 Billion