FinTechs and InsurTechs have made significant inroads by designing powerful but focused applications that solve specific problems and deliver high-quality and intuitive digital experiences.
Which new start-ups are the best candidates for partnerships and/or acquisition? How can partnerships foster more and faster innovation, enhanced digital experiences and greater risk-taking?
Insurers face intense pressure to enhance their anti-fraud and data security capabilities, as consumers and regulators call for increased transparency.
How can smart contracts based on blockchain be deployed to improve both data security and access among suppliers, partners, regulators and other entities?
Insurers are exploring single global ledgers to achieve capital efficiencies, and improve visibility into reinsurance contracts and risk exposures.
How can blockchain enable more accurate reserve calculation and reduce asset management costs?
FinTech adoption within insurance
The results of the EY FinTech Adoption Index show that the next wave of innovation in financial services is here to stay and consumers are ready to adopt new tools.
Percentage of digitally active customers who have used each product.
Blockchain: a three-step path to adoption and maturation
How EY can help
EY’s global insurance team of strategists, technologists and process and functional specialists helps insurers of all shapes and sizes address critical issues and meaningfully improve performance to deliver value for consumer and company alike:
Value for insurer:
- More efficient claims management
- Stronger fraud detection and prevention capabilities
- Reduced asset management costs
- Enablement of big data and IoT initiatives
Value for customer:
- Stronger data security and privacy
- Increased trust and transparency
- Faster resolution