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InsurTech and the Disruption of the Insurance Industry

Author

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  • Faith Roberts Neale
  • Pamela Peterson Drake
  • Theodoros Konstantopoulos

Abstract

We describe the development of InsurTech within the insurance industry, highlighting how traditional insurance companies are adapting to technology and adapting through acquisitions and partnerships. We discuss the role of disruptors, enablers, and disintermediaries in the InsurTech space, and look at drivers of spending on InsurTech. We find that insurers writing a higher proportion of business in the least complex lines of insurance invest more in insurance technology. Less profitable insurers tend to invest in underwriting technology, whereas more profitable insurers invest in loss adjustment technology. Lastly, insurers with higher losses and underwriting leverage invest more in loss adjustment expense technology.

Suggested Citation

  • Faith Roberts Neale & Pamela Peterson Drake & Theodoros Konstantopoulos, 2020. "InsurTech and the Disruption of the Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 43(2), pages 64-96.
    • Handle: RePEc:wri:journl:v:43:y:2020:i:2:p:64-96
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    Cited by:

    1. Iván Sosa Gómez & Óscar Montes Pineda, 2023. "What is an InsurTech? A scientific approach for defining the term," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 26(2), pages 125-173, July.
    2. Vincent Y. L. Chang, 2024. "Technology investments and firm performance under the wave of InsurTech," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 49(3), pages 501-536, July.
    3. Iván Sosa & Óscar Montes, 2022. "Understanding the InsurTech dynamics in the transformation of the insurance sector," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(1), pages 35-68, April.
    4. Rajeev K. Goel & Michael A. Nelson, 2022. "Covid-19 Full-Dose Vaccination across Uninsured Populations: Evidence across Counties in the United States," CESifo Working Paper Series 10197, CESifo.
    5. Chang, Vincent Y.L., 2023. "Do InsurTech startups disrupt the insurance industry?," Finance Research Letters, Elsevier, vol. 57(C).

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