THE INSURTECH REPORT: How financial technology firms are helping — and disrupting — the nearly $5 trillion insurance industry
The global insurance industry is worth nearly $5 trillion, and insurance companies are at risk of losing a share of this valuable market to new entrants. That’s because these legacy players have been even slower to modernize than their counterparts in other financial services industries.
This has created an opportunity for a group of firms known as insurtechs. These startups are leveraging new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. Some are helping incumbents deliver better end products, while others are directly competing with legacy players.
In a new report from BI Intelligence, we look at the drivers behind the increasing number of insurtech companies, how they are helping or disrupting legacy players in the insurance industry, and where legacy players are innovating off their own backs.
Here are some of the key takeaways:
- The opportunity is currently biggest in the US and Europe. That’s because these regions have large, very mature insurance industries.
- Insurtechs’ products and services mostly target retail customers. This includes small businesses and consumers.
- Most insurtechs are acting as enablers. This means that they offer products and services that help insurers and reinsurers improve their processes and better serve customers.
- Of the main players in the insurance industry, brokers are most at risk of disruption. This is because insurtechs can easily replicate their services and are solving historical industry problems faster than legacy players.
- Legacy players are also innovating. In particular, insurers and reinsurers are investing in insurtechs and fintechs working with relevant technologies. At the same time, they are improving their own direct-to-consumer digital interfaces, increasing their disruptive threat to brokers.
- Explains the structure and current state of the insurance market.
- Highlights areas where insurtechs can help legacy players modernize.
- Describes where insurtechs are competing with incumbents and how their models compare.
- Provides case studies of insurtechs.
- Outlines the legacy response.
- And much more.
Ref: Yahoo Finance
Nov 17, 2017
Cheyenne, Wyoming, Nov 14, 2017 (Globe Newswire)
Novea Inc, developer of the Jacana Warranty app, is pleased to provide the following operational updates. The Jacana Warranty app has recently been released over multiple mobile platforms and integrated with some of the worlds largest internet retailers. The Jacana Warranty app is in full launch worldwide and Jacana Insurance has started issuing extended warranty agreements.
Novea Inc. is in the process of implementing a robust marketing plan for the Jacana Warranty app. This consists primarily of leveraging the online platforms that are already promoting us and online social media marketing.
Novea Inc. Is in discussions to provide warranties and Third-Party Administration of warranties to the manufacturing sector and looking to offer private label licensing opportunities to the insurance sector. Novea Inc has made numerous strides on the operational front (CRM systems) over the previous two years.
We look forward to keeping our shareholders informed by providing corporate updates as we move forward with the marketing and branding of the Jacana Warranty app and continue on the path of becoming a publicly listed company.
About Novea Inc.
Novea Inc. is a financial services software company which has developed the Jacana Warranty app (www.JacanaWarranty.com) with the goal of becoming the consumer’s choice in the extended warranty market. With its cutting-edge CRM system’s fast and convenient service, Jacana Warranty puts the warranty buying power back in the hands of the consumer. Novea has established Jacana Insurance, a wholly owned subsidiary of Novea, Inc. as a captive specialty insurance carrier.
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Novea Inc. assumes no obligation to update the information in this press release.
For additional information…