eNewsletter Spring 2019
The InsurTech sector saw investment increase at a compound annual growth rate of 36.5% between 2014 and 2017. The Insurance Firms are re-evaluating their service models and competition from BigTech firms according to the World InsurTech Report 2018 by CapGemini.
“67.1% of incumbent insurers said they could ‘redefine the customer experience. Almost 96% of insurers said they were looking to collaborate with InsurTech firms in some way, with a partnership and Solution-as-a-Service (SaaS) approach widely favored.” According to the study.
According to Technology and Innovation in the Insurance Sector by OECD and Accenture, InsurTech firms need to better understand the market and the challenges, ensure there is a clear set of proposals and adopt a flexible partnering approach. Established insurers need to develop their innovation agenda and embrace it, promote this culture and draw inspiration from retail banks’ fintech journey as well as work closely with new companies that can deliver on innovation and help overcome competition.
Profile’s offering to the Insurance industry is with the deployment of its investment management platform to Top international and regional insurance firms in Europe and MENA – being members of Global Insurance Groups to automate and effectively manage their investment management operations. To learn more on how the solution can accelerate operations, perform automatic accounting entries, update and help better manage internal and external asset management, follow the link below