FinTech Guide Chapter 13
InsurTech is the combination of the words “Insurance” and “Technology”. It is used as a collective term which refers to the application of modern technologies in the domain of insurance services.
a) Digital and Mobile Brokers:
FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Often, additional consulting services are offered.
b) Internet of Things:
FinTechs belonging to this category collect data by measuring certain aspects of behaviour eg. the driving style of customers or through wearables that customers wear, in order to consult on, offer and/or manage the customer’s insurances.
Source: Capgemini Financial Services Analysis, 2015; Capgemini Voice of the Customer Survey, 2015
1. Payment Services / Mobile Payment
2. Asset and Portfolio Management
3. Consulting and Broking Services / Robo-advisory / Auto-trading
4. Trading Platforms / Social Trading Platforms / Signal Following
5. Crowdfunding / Crowdinvesting / Crowdlending
6. Virtual Currency - Bitcoin
7. Loan Services / Factoring / Loan Broking / Finetrading
8. Online Banking Services
9. Analytics and Research / Data Management / Risk Management
15. Initial Coin Offerings (ICOs)
Publication Date: 1 August 2019