Page 43 - November 2020

INSURTECH: AN INFOGRAPHIC

Source of information: PwC

INSURTECH HAS BECOME A
POWERFUL DRIVER OF $4.15
billion
CHANGE IN THE Global insurance
technology
INSURANCE INDUSTRY, BUT investments in
2018
IT’S NO SILVER BULLET.
Recently, legacy insurers have started paying much
more attention to newcomers. They’ve become some 28
of the largest funders of these startups, recognizing investments #1 risk
of $30 million or
that teaming up with technology firms can be a more in 2018 - Large facing global insurance
industry is technology
game-changer VC funding rounds modernization

Speed of technological change
Defining InsurTech: 51%
Now, it’s bigger than 31%
insurance Changing consumer behavior
InsurTech goals keep changing. It 31%
has moved beyond
InsurTech-as-disruptor-and-threat. 21%
Concerns over disruption ease New market entrants
22%
(Source: PwC’s 22nd Annual Global CEO. 10%
Survey Base: Insurance CEO’s) 2018 2019

INSURTECH AND UNDERSTANDING
THE CULTURE FIT
29% Culture can determine InsurTech success or failure 65%
Only

of Fortune 100 companies surveyed say culture is more important to
said their deal objectives were performance than an organiza-
‘completely achieved’ when asked tion’s strategy or operating model
about people integration. (Source: Katzenbach Center Global Culture
(Source: PwC’s 2017 M&A integration survey) Survey 2018)

InsurTech and the
Fourth Industrial
Revolution (4IR): The
rules are changing
What it means
• There are many ways to win, but you
have to choose a clear path forward.
• There are new sources of value. 1700s 1800s 1900s Today
• What used to be a sign of success may Steam Electricity Computing Connected
not be anymore Mechanization, Mass production, Automation, Cyber-physical
• Speed matters more than ever. steam power, loom assembly line computers and systems. AI, IoT,
electrical energy electronics autonomous
vehicles
Choose business models that work for InsurTech
Strategic alliances and joint ventures are a potential avenue for growth
US CEOs planning partnerships in 2019 – 40% (Source: PwC’s 22nd CEO Survey)

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