Note: This report is also available through Oliver Wyman.
The global surge in Fintech has spread to the insurance industry, where Insuretech is leveraging cutting-edge technologies to improve existing insurance products, develop innovative new ones, and reshape the industry.
The technologies include big data, the Internet of things (IoT), block chain, and cloud computing. In mature markets such as the U.S., these tools have helped insurers lower costs and increase efficiency. They have also improved the customer experience and optimized product offerings. At the same time, new, disruptive Insuretech companies have emerged with a variety of business models to challenge insurance industry incumbents.
In China, an underdeveloped insurance market enjoying double-digit growth, the disruptions triggered by Insuretech are causing an insurance industry revolution. One reason for the impact is the fast adoption and heavy use of online ecosystems by the Chinese. In addition, Insuretech is underpinned by a regulatory environment supportive of innovation.
The result has been a surge in new Insuretech players creating disruptive products, services, and business models. Some of these are integrating insurance products into online ecosystems and fostering groundbreaking innovations.
Oliver Wyman and ZhongAn, China’s first online-only insurer, are jointly publishing this report to analyze the Chinese Insuretech market and answer the following questions:
1. How big are the opportunities?
2. How are business models evolving to seize the opportunities?
3. What are the key factors required for success?
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
China Insuretech Market Overview
Insuretech Business Models for China
Key Success Factors for Insuretech Business Models
Risks and Uncertainties
Appendix A: Examples of Technology Adoption and Ecosystems
Appendix B: Key Methodology and Assumptions of Our Forecast
Appendix C: Screenshots of Taobao’s Statistics on Shipping Return Insurance