InsurTech and the Disruption of the Insurance Industry

Faith Roberts Neale, Pamela Peterson Drake and Theodoros Konstantopoulos

Journal of Insurance Issues, 2020, vol. 43, issue 2, 64-96

Abstract: We describe the development of InsurTech within the insurance industry, highlighting how traditional insurance companies are adapting to technology and adapting through acquisitions and partnerships. We discuss the role of disruptors, enablers, and disintermediaries in the InsurTech space, and look at drivers of spending on InsurTech. We find that insurers writing a higher proportion of business in the least complex lines of insurance invest more in insurance technology. Less profitable insurers tend to invest in underwriting technology, whereas more profitable insurers invest in loss adjustment technology. Lastly, insurers with higher losses and underwriting leverage invest more in loss adjustment expense technology.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:wri:journl:v:43:y:2020:i:2:p:64-96

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