Insurance technology is growing in acceptance from consumers, according to Ernst & Young’s FinTech Adoption Index 2017.
In online interviews with 22,000 consumers around the world, E&Y found that insurance has moved from being the least commonly used service in 2015 to the second most popular service this year. They attribute the rise to the inclusion of insurance premium comparison services.
“Insurance services have also seen significant increases, overtaking both savings and investments, and borrowing, with 24% adoption,” the report says.
The markets with the highest level of acceptance for insurtech are India, the U.K., China, South Africa and Germany.
“Consumers are drawn to FinTech services because propositions are simpler, more convenient, more transparent and more readily personalized,” the report found. “This has a ripple effect across the industry as consumers come to expect these characteristics in all financial products, regardless of whether in retail banking, wealth management or insurance, and of who is providing the service.”