Insurtech: Disrupting the Insurance Industry

Abstract

The insurance industry has been slow to adopt digital technologies due to high barriers to entry, product complexity, capital reserves, solvency requirements, and regulatory constraints. This chapter focuses on how insurtech is disrupting the insurance industry, resulting in a transformation from a traditional structure to a dynamic user-centric ecosystem. Next, it highlights the insurtech ecosystem by providing an in-depth analysis of the new paradigm on how insurtech is transitioning from the linear value chain to a more dynamic and interconnected value network. Finally, this chapter defines a perspective of insurtech's impact by identifying three waves of transformation within the insurance industry and understanding the evolution and chronology of insurtech's influence. Thus, this chapter provides insights into the opportunities and challenges of this technological breakthrough, offering a comprehensive view of insurtech's transformative journey within the insurance landscape.

Citation

Gómez, I.S. (2024), "Insurtech: Disrupting the Insurance Industry", Baker, H.K., Filbeck, G. and Black, K. (Ed.) The Emerald Handbook of Fintech, Emerald Publishing Limited, Leeds, pp. 343-362. https://doi.org/10.1108/978-1-83753-608-520241043