Going Digital

MGAs and E&S carriers are thriving, and they have lots of runway in front of them. They can continue to exploit their deep understanding of market niches, can drive efficiencies in the often-cumbersome underwriting process and can increasingly fit into insurers' processes by being at the forefront of APIs.

Many incumbents are doubting their insurtech efforts, but the recent drop in stock-market valuations is not about insurtech, it is about tech.

An insurance brokerage buys naming rights to the Pittsburgh Steelers' iconic stadium; autonomous drones are checking power lines; and more. 

A recent SMA study shows that 41% of personal lines insurers are revisiting their digital transformation strategies in 2022, a significant jump from 19% in 2021.

Smart certificates of insurance eliminate risk, ensure compliance and reduce costs for every stakeholder in the process.

While many hail cryptocurrency as a revolution, a free, secure system developed in India may hold greater promise for exchanging money digitally. 

At Oliver Wyman, we have been helping clients understand Web3 and what it means for insurers, and guiding strategic moves — near-term and longer-term — around this evolving ecosystem. Our latest research finds the Web3 economy is currently under-insured and has huge potential for future growth. Here, we share a practical guide for insurance executives to help separate hype from reality, including Web3 insurance opportunities and risk considerations.

This might be the time to start exploring how the metaverse might find its way into insurance policies in the near future.