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September 25, 2018

Insurtech adoption still at a nascent stage

Even though insurers across the globe acknowledge the value of insurtech, very few actually adopt it. This is according to a survey by insurance fraud detection technology provider FRISS.

Insurtech adoption: valuable but not utilised

Of insurers polled in the Digital Transformation in Insurance Survey 2018, 88% were convinced that insurtech adoption offers great opportunities. Moreover, half were found working on insurtech apps or conducting experiments with the apps.

However, only 19% of insurers were found already investing in insurtech.

The study also revealed blockchain in an early development stage in the insurance sector, with only 2% found actually started with the technology.

Forty four percent of insurers did not have any idea about the uses of blockchain, while 21% were thinking of trying the technology.

Overall, 32% of insurers were found utilising technology to address fraud concerns, 48% were found using it to determine the level of premiums , while 45% were found using technology for underwriting.

Moreover, the study found adoption of online channels by insurers more difficult than anticipated. In addition, 69% of insurers currently have some form of online distribution. The figure marks a rise of only 4 percentage points since 2016.

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