InsurTech Innovation is Imminent: Are you ready?
InsurTech Innovation is Imminent. A growing list of emerging technologies (AI, Blockchain IoT, and Micro-insurance) have created an influx of innovation potential in insurance that the industry has not seen in decades. However, many firms are behind the curve. This instructive infographic explains how to get ahead of the curve through a focused digital strategy.
- 7% increase in insurance budgets focused on insurance technology for transforming and growing vs. just sustaining or surviving.
- 40%+ of large insurers are expanding innovation programs and venture whereby smaller insurers are constrained by resources.
- 80% of life and property & casualty (P&C) insurers worldwide will partner with or acquire InsurTechs to secure their competitive positions by the end of 2018.
- $1 billion in VC-backed InsurTech investments across 47 deals in the first half of 2016.
The opportunity for InsurTech Innovation is apparent and affective development and implementation of strategies requires an understanding of people, processes and technologies across Insurance lines of business to create the best digital strategy for all stakeholders. Learn more about Synechron’s InsurTech Accelerators at www.synechron.com/finlabs/insurtech.