How Insurtech Can Close the Protection Gap in Emerging Markets
Insurance technology, better known as Insurtech, is a rapidly growing industry that is beginning to disrupt traditional insurance provision in advanced and emerging economies alike, and is creating opportunities and challenges for incumbents, start...
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| Format: | Brief |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/755881567673936316/How-Insurtech-Can-Close-the-Protection-Gap-in-Emerging-Markets http://hdl.handle.net/10986/32366 |
| Summary: | Insurance technology, better known as
Insurtech, is a rapidly growing industry that is beginning
to disrupt traditional insurance provision in advanced and
emerging economies alike, and is creating opportunities and
challenges for incumbents, start-ups, and investors. The
opportunity offered by insurtech is particularly significant
in emerging markets, where a large protection gap exists due
to low insurance penetration. This has major development
implications due to the fact that economic growth and
insurance penetration are closely intertwined. Technology
and new business models are necessary to close the
protection gap in these markets, and companies will need to
be able to innovate - either internally, by partnerships, or
by investing - to seize the opportunity. |
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