• / Free eNewsletters & Magazine
  • / My Account
Home>Juniper Research: Insurtech Set to Disrupt Home Insurance Market, Accounting for 86 Million Policies Issued by 2022

Juniper Research: Insurtech Set to Disrupt Home Insurance Market, Accounting for 86 Million Policies Issued by 2022

Juniper Research: Insurtech Set to Disrupt Home Insurance Market, Accounting for 86 Million Policies Issued by 2022

10/03/2017

Juniper Research: Insurtech Set to Disrupt Home Insurance Market, Accounting for 86 Million Policies Issued by 2022

Representing Over 10% of Global Home Insurance Policies Issued by 2022

A new report from Juniper Research has found that the number of home insurance policies utilising Insurtech will exceed 86 million globally by 2022, up from an estimated 60 million in 2017. This growth will average 7.5% per annum, as the integration of smart home technologies and AI underwriting systems takes hold in the insurance market.

The research found that personal broking apps such as Brolly and Sherpa will be utilised by customers to manage their insurance coverage with minimum effort, streamlining the insurance process.

Read more in Juniper’s complimentary whitepaper, 3 Technologies that will Change the Future of Insurance.

Smart Home Technologies to Reduce Claims

The new research, Insurtech: Market Readiness, Forecasts & Key Vendors 2017-2022, found that a common approach is to include smart home products within insurance policies. This approach aims to actively reduce incidents such as water damage using leak sensors to detect issues early, and hence lowering claims. Far East & China will have the greatest market share of home insurance policies issued utilising Insurtech, reaching 27% by 2022, driven by new insurers such as Zhong An.

The research predicted that smart home technologies, combined with AI underwriting systems, will improve the speed and quality of policy delivery, saving customers an average of $221 per policy by 2022.

©2017 Morningstar Advisor. All right reserved.