TECH BUYER Oct 2019 - IDC Innovators - Doc # CA44506819
IDC Innovators: Canadian Insurance Sales Automation, 2019
By: Robert Smythe, Jason BremnerResearch Vice President, Industry and Business Solutions
IDC Innovators are emerging vendors with revenue <$100 million that have demonstrated either a groundbreaking business model or an innovative new technology — or both. This IDC Innovators study profiles Chisel AI, Finaeo, League, PolicyMe, and ProNavigator that offer solutions that enhance insurance sales processes using advanced technologies such as AI, natural language, cognitive processes, and cloud. These five insurtechs are focused on increasing the efficiency of insurance sales processes and facilitating the introduction of new products solutions across the P&C industry. The industry is striving to move away from processes that require extensive manual intervention to digital solutions and innovative products that have the potential to transform it. These include digitizing the sales process by using voice and text interactions that minimize the need for human intervention.
The challenges that insurtech companies face in having their solutions adopted are the cautious way changes are made in the Canadian insurance industry, the large number of small brokerage companies, and the tendency of clients to prefer personalized services over do-it-yourself solutions. This need for hand-holding has been exacerbated by the complexity built into many of the insurance products' solutions and processes.
"The future potential of the companies reviewed in this document will be dependent on the ability of the insurance industry to have policyholders accept self-serve processes," says Robert Smythe, research associate, IDC Financial Insights. "This will require determining how to make clients and prospects adopt self-serve digital processes as their preferred means of interacting with advisors and insurance providers.
IDC Financial Insights: Canadian Financial Industry Strategies