Compared to developed markets, insurance penetration in China is lagging. In this report, Oliver Wyman aims to illustrate the size, growth, and underlying drivers of the Insuretech market in China.
The global surge in Fintech has spread to the insurance industry, where Insuretech is leveraging cutting-edge technologies to improve existing insurance products, develop innovative new ones, and reshape the industry. The technologies include big data, the Internet of things (IoT), block chain, and cloud computing. In mature markets such as the U.S., these tools have helped insurers lower costs and increase efficiency. They have also improved the customer experience and optimized product offerings. At the same time, new, disruptive Insuretech companies have emerged with a variety of business models to challenge insurance industry incumbents.