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 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.
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:
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.
We helped a leading European insurance group launch an insurtech venture, including creating scalable digital business models, identifying IT requirements and AI use cases, and outlining a go-live roadmap. We also supported ramp-up activities, including recruiting employees and acquiring business partners.
Although private market funding for insurtechs hit a new high in 2021, valuations of public firms have underperformed vis-à-vis the general stock market.
2020 saw a rush to digitization throughout the industry. For insurtechs, a record amount of equity funding followed.
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.
With a focus on robust equity funding, the latest roundup from the BCG FinTech Control Tower (FCT) provides an update on insurtech investments made during the first half of 2021.