The emergence of insurtech has been fueled by new digital capabilities and Internet of Things devices that are reducing costs, changing systems and processes, and enhancing the consumer experience. An Orbis Research report found these trends:
- Consumer behavior has shifted to accentuate the sharing economy.
- One of the largest emerging areas was the development of apps and devices that monitor how consumers behave and make purchases.
- Policy management will enable consumers to personally manage their insurance.
- Start-ups are encouraging consumers to move away from traditional insurance practices through the introduction of peer-to-peer (P2P) platforms.