DSResearch Report: Strategic Innovations in Insurance Technology

Although the penetration is not large, the insurance business is projected to have fantastic value in the future. There are many driving factors, for example the increasing awareness of users to have a better life guarantee. Moreover, insurance products are also starting to target the more affordable segments, for example, protection insurance products are currently booming gadgets, travel insurance, and so on; sold at a relatively low price.

In order to accelerate the penetration process, various strategies are carried out, including technological innovation. Terminology “insurtech (insurance technology)” has become crowded lately, accompanied by many startup players who are working on this sector. Interesting note, instead of disrupting an existing business legacy, insurtech great opportunity to synergize with insurance companies to reach a wider market share.

In order to see these trends and opportunities for synergies, DSResearch in collaboration with Mandiri Capital Indonesia (MCI) released a white paper titled “Insurtech Strategic Innovation”. It sums up a lot, here's a brief overview of each of the seven chapters that make up its main discussion:

1. Deepen the basic concepts insurtech; dig about what to do insurtech in its efforts to democratize the insurance business through a digital touch. Including seeing the role of various stakeholder in ecosystem development insurtech globaly.
2. Business landscape insurtech global; noting the development of insurance technology products in the world and the latest product trends that are being developed. Specifically tracking markets in the United States, Europe, China, and Southeast Asia.
3. Business landscape insurtech in Indonesia; development insurtech in Indonesia, including deepening the understanding and interest of the public regarding the use of technology to meet their insurance needs. Also mapped are several technology startups in the insurance sector that are already operating in Indonesia and the business models applied.
4. Modernization of the insurance business with technology; revealing the urgency of digital transformation in the insurance business, including presenting case studies of possible collaborations between insurance companies and technology startups in Indonesia.
5. Innovation challenge insurtech; contains perspectives from industry players on the challenges they face in transforming their company's insurance business into the digital realm.
6. An overview of the latest innovations in the insurance sector; mapping insurance technology innovations in Indonesia to accommodate various business processes; along with the platforms.
7. Case studies of company synergies with startups; discusses various strategic collaborations that have been successfully carried out by insurance companies and technology startups in various countries.

For a full discussion, please download the report via the following link: Insurtech Strategic Innovation 2020.

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Disclosure: In preparing this white paper, DSResearch partnered with Mandiri Capital Indonesia (MCI) which is a corporate venture capital owned by Bank Mandiri. MCI actively invests in digital startups in the fintech sector and its derivatives, including insurtech.