Analyzing the emergence of insurtech in the insurance industry
The insurance industry has been slow to adopt digital technologies due to several factors. These include high barriers to entry, product complexity, capital reserves, solvency requirements, and regulatory constraints that have traditionally prevented new entrants from competing. As a result, most in...
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| Tipo de recurso: | tesis doctoral |
| Fecha de publicación: | 2024 |
| País: | España |
| Institución: | Universidad Camilo José Cela (UCJC) |
| Repositorio: | Depósito Digital e-UCJC |
| OAI Identifier: | oai:repositorio.ucjc.edu:20.500.12020/1644 |
| Acceso en línea: | http://hdl.handle.net/20.500.12020/1644 |
| Access Level: | acceso abierto |
| Palabra clave: | Ciencias Económicas y Empresariales Derecho y Jurisprudencia InsurTech Insurance Industry Structure Value Configuration Ecosystem 6307.07 Tecnología y Cambio Social 3310 Tecnología Industrial 5312.06 Finanzas y Seguros |
| Sumario: | The insurance industry has been slow to adopt digital technologies due to several factors. These include high barriers to entry, product complexity, capital reserves, solvency requirements, and regulatory constraints that have traditionally prevented new entrants from competing. As a result, most incumbents have had no reason to transform themselves by adopting new technologies, lagging behind other digitally mature industries, and operating with a business structure that is more than 300 years old. Nevertheless, InsurTech has emerged as a disruptive global player in the insurance industry, challenging the status quo and disrupting traditional insurance practices. Insurtech startups have leveraged digital technologies to deliver innovative solutions, improve customer experience, reduce costs, and increase efficiency. These changes have created disruption, forcing traditional insurers to adapt or risk being left behind. This transformation is challenging as insurers face legacy systems, regulatory constraints, and cultural resistance to change. Despite these challenges, the InsurTech phenomenon shows no signs of slowing down. To remain relevant in today's rapidly evolving insurance landscape, the insurance industry must continue to embrace innovation. This doctoral dissertation provides a comprehensive analysis of the emergence of InsurTech in the insurance industry. It addresses three critical research gaps: (1) an understanding of how InsurTech has disrupted the traditional structure of the insurance industry, (2) an exploration of how InsurTech has transformed the insurance value configuration, and (3) an identification of how InsurTech has contributed to building of an ecosystem within the insurance industry. |
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