Insurtechs Raising the Bar with Superior Customer Experience – Top 20 Trailblazers

17 Dec 2019
by Skand Bhargava, Somya Bhadola, Sauban Nafees

The global insurance industry is undergoing operating model transformation through investments in digital innovation, operational optimization, and technology & talent modernization. One of the key objectives that insurers are targeting with such investments is ensuring competitive brand value by delivering a superior customer experience. An important industry dynamic that is both enabling and pushing insurers to transform is the rise of insurtech startups. These startups are continually bringing innovative ideas and solutions to the market that are noteworthy in their ability to pull the insurance industry out of its legacy mindset and hindrances.

The notion of insurtechs being competitors to traditional players has fazed and they are rather being looked at as innovation partners. Consequently, several large insurers have established innovation funds or VC arms to search for high-potential startups and leverage their digital solutions to solve for various longstanding business problems. The momentum is higher in the P&C (re)insurance segment as compared to L&P insurance; however, the latter is catching up as well.

This report identifies such high-potential startups that are raising the bar on superior customer experience in insurance. The following information is captured and analyzed in this report:

  • Customer experience transformation and the role of insurtechs: The study focuses on how various insurtechs, specifically those operating in a B2B model, are leveraging digital interventions to enable insurers deliver a superior customer experience and maintain relevance in the market. Key customer-centric value propositions being offered by these insurtechs are product innovation, customer acquisition/retention, risk management, and process excellence
  • Assessment of high-potential insurtechs: The study identifies and analyzes 70 high-potential and well-recognized insurtechs to shortlist the top 20 “Trailblazers” that are leading the transformation of customer experience. The assessment was done using various parameters around their capabilities, market growth, and investor confidence
  • Detailed view of top 20 insurtechs identified as Trailblazers: The report also provides profiles of the 20 Trailblazers, with a qualitative & quantitative commentary on their market success, solution expertise, and investor confidence

Membership(s)

Insurance - Business Process Outsourcing (BPO)

 

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