InsurTech – a term that encompasses a set of innovative players leveraging digital technology to rethink the insurance industry – is just starting to whet the growing appetite of entrepreneurs, investors and insurers.
In recent years, there have been a major rise in InsurTech investments across the world, and France is no exception. In fact, a large share of these investments comes from insurance and reinsurance players, underlining their belief in an inevitable and necessary transformation of the industry as we know it.
In this context, Oliver Wyman and Policen Direkt have developed the InsurTech Radar to better navigate through the growing number of InsurTech models and trends worldwide. Using our global InsurTech database and knowledge of the insurance industry, our objective is to shed light on the nature, dynamics and potential of InsurTechs in a structured manner.
This report concentrates on the French market, and analyzes the business models of the 131 active French InsurTechs we observed. It applies the same logic as our previous InsurTech Radar reports to enable easy market comparisons on an international scale.
The InsurTech Radar framework follows the insurance industry value chain from proposition to distribution and operations. Within these three segments, we have identified 19 distinct InsurTech business model categories.
Our report sheds light on the great diversity of InsurTech business models in France in 2018.
The report also reveals major coverage disparities for each business model category, with some drawing a dense crowd of InsurTechs, while others have only attracted one or two InsurTechs.
DIETMAR KOTTMANN, Partner, Germany
DAMIEN RENAUDEAU, Partner, France
MATHIEU SÉBASTIEN, Partner, France
NIKOLAI DÖRDRECHTER, Fin/InsurTech expert, Co-Founder Policen Direkt, Germany