InsurTech Hero

Insurtech

Traditional carriers and innovative startups are embracing insurance technology to operate more efficiently and to offer a stellar customer journey. We help clients make the most of insurtech trends, using platforms such as our Fintech Control Tower.

What are insurtechs? They are digital challengers and enablers, whose primary objective is transforming segments of the insurance value chain by leveraging the latest technologies, adopting new business models, and having customers at the forefront of their strategic and operational thinking.

The Most Innovative Insurtech Use Cases

Remote Claim Estimation

Augmented Risk Assessment and Underwriting

Enhanced Customer Engagement

The insurtech industry has gained ground and attention as additional incumbent insurance carriers and brokers chase newcomers in the use of artificial intelligence, the Internet of Things, advanced analytics, and other emerging technologies across every aspect of the industry’s value chain. The tens of billions of dollars that investors continue to pour into insurtech startups signals the industry’s move away from inflexible, established IT architecture—and toward a complete digital transformation.

We help incumbent insurers, regulators, corporate builders, and corporate venue capital firms navigate the continuously developing insurtech ecosystem. Our insurtech consulting experts work with life insurance, health care payer, and property and casualty insurance clients around the world.

How We Work with the Insurtech Industry Using the FinTech Control Tower by BCG

FinTech Control Tower by BCG is a joint venture with Expand Research that is aimed at offering a data-driven view of the global fintech ecosystem, exploring emerging trends, highlighting top players, and analyzing winning business models and the technologies that matter most in today’s insurance industry.

It provides market intelligence to facilitate the digital transformation of the insurance industry, leveraging three key assets:

  1. A proprietary database covering some 26,000 technology companies, of which approximately 2,000 are insurtechs—mapped to a granular taxonomy, including 4 main product verticals and 20 subproduct verticals
  2. An insights platform that allows subscribers to conduct their own research, trace funding transactions, analyze market trends, and access BCG’s research reports
  3. The deep insurance expertise of our global network of insurance industry experts, who can provide customized research intelligence and growth strategies

Our Client Work in Insurtech

BCG’s insurtech consulting experts help prominent global insurers tackle some of their most pressing innovation challenges. Our insurtech consulting clients include top global and regional banks and insurers, regulators, investors, and corporate giants, which choose us for our expertise and ability to drive informed decisions regarding innovation management, ecosystem engagement, IT investments, and M&A activities.

Our Latest Thinking on Insurtech Trends

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Insurtech Enters the ’20s with Sustained Success

A look at the record-breaking year in Insurtech (emerging trends, innovative business models, and the most disruptive technologies) using a data-driven view of Insurtech globally through products, investments, and geographies.

BCG Fintech Control Tower: Insurtech Roundup Q3 2020

This update from the BCG FinTech Control Tower (FCT) looks at significant investments and fund increases from the third quarter of 2020, with an emphasis on the impact of COVID-19 and the prioritization of digital transformation.

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