Top trends in insurtech: AI, robotics and blockchain, says Aon

Insurtechs with expertise in robotics, artificial intelligence, IoT, blockchain and advanced analytics are encouraging insurance companies to rethink product development through collaboration. The report, "Global insurance market opportunities: Reimagining risk management," argues insurtech startups will likely play the role of enabler for insurance innovation rather than disrupt long-standing business models. The report also notes 55% of the more than 550 existing insurtechs worldwide intend to help carriers improve the user experience and communications with policyholders, not compete against them. The growing segment has secured nearly $14 billion in venture capital funding so far, Aon says. "The insurance industry has been relatively slow to embrace digital technology compared with other industries. That reticence has opened a window of opportunity for entrepreneurs to deploy digital technology to improve the customer experience through a host of startup companies," Aon says.