Insurtechs with expertise in robotics, artificial intelligence, IoT, blockchain and advanced analytics are encouraging insurance companies to rethink product development through collaboration. That’s according to a new study from professional services firm Aon.
The report, “Global insurance market opportunities: Reimagining risk management,” argues insurtech startups will likely play the role of enabler for insurance innovation rather than disrupt long-standing business models. The report also notes 55% of the more than 550 existing insurtechs worldwide intend to help carriers improve the user experience and communications with policyholders, not compete against them. The growing segment has secured nearly $14 billion in venture capital funding so far, Aon says.
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