May 27, 2021
NTT DATA Corporation
TOKYO – May 27, 2021 – NTT DATA, a global digital business and IT services leader with more than 130,000 employees globally, today announced the publication of the fifth edition of its Insurtech Global Outlook 2021 report, a study that analyses the main trends in the InsurTech ecosystem and the impact that advanced technologies and new business models had throughout 2020.
< Overview of InsurTech Global Outlook 2021 >
1. Insurtech Global Outlook 2021 Report
164-page report on the current trends in the InsurTech industry in times of pandemic on the basis of technology applications, including the impact of the COVID-19 situation on accelerating digital transformation, new forms of value chain, the arrival of new business models and insurers' investments, and the insurance ecosystem.
2. Executive Summary
9-pages Executive Summary that abstracts 10 main insights from our InsurTech Global Outlook 2021 report.
3. In-depth interviews
The most valuable insights from the heads of the world's leading insurers and innovation institutions. Through these in-depth interviews we address relevant aspects of insurance industry trends that are driving change in the sector, such as Digital Transformation, Technology, Ecosystems and the new Digital Culture.
The report examines the market, bearing in mind the possible impact of the pandemic, drawing the conclusion that uncertainty and increased risks encourage and prompt investment in InsurTech. It also points out that direct investments were made in InsurTech during 2020, both in well-established and new and disruptive companies.
The study goes into greater detail on issues as varied as the investments received by InsurTech by region, lines of business and technology investments. It also analyses the companies in which the insurance firms decided to invest, how these investments are distributed over different areas of the insurance value chain, as well as the main movements with regard to insurer ecosystems. The analyses are conducted from different yet complementary viewpoints, such as those of the InsurTech and tech giants.
The report's results reveal that 2020 was a year in which both insurers and InsurTech managed to mitigate the consequences of COVID-19 in an extremely agile and streamlined way. It claims that these companies took advantage of the situation as another accelerator in their digitalization processes.
Despite receiving record investment, the real impact on the market by Insurtech companies is still questioned for various reasons, such as market share, income results or market capture. Organizations with these working models still must settle in the markets, generating the promised disruption to those who bet on this model and that in a context like the current one should be established more deeply. There is a long way to go to reach an optimal level of disruption. A reflection of this is that companies with sustained growth do not enter the market with a large share in a relevant way.
The analysis containing all these variables creates a realistic snapshot of the sector, of investors' preferences and of the technologies that define the trend that is reformulating the insurer universe in the new digital age.
Furthermore, the capability of real-time information automation with data analysis technology—integrated with detailed information about startups' activity related to the insurer sector around the world—helps to constantly update and analyze core information and ensure a more realistic and precise outlook.
Bruno Abril, Partner NTT Data EMEAL Insurance, explains that: "InsurTechs are now perceived as a valuable asset by insurance companies, which know that they can have a highly positive impact on their businesses. Learning about these companies in detail and what their contributions may be within the sector translates into knowing how to take advantage of new opportunities and face challenges moving forward with better guarantees of success."
To download the complete report for further information, please visit:
* You can see the presentation about "Insurtech Global Outlook 2021" for a certain period of time in the web site.
NTT DATA – a part of NTT Group – is a trusted global innovator of IT and business services headquartered in Tokyo. We help clients transform through consulting, industry solutions, business process services, digital & IT modernization and managed services. NTT DATA enables them, as well as society, to move confidently into the digital future. We are committed to our clients' long-term success and combine global reach with local client attention to serve them in over 50 countries around the globe. Visit us at nttdata.com.
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