Economy

Insurtech adoption jumps: EY

Insurtech adoption jumps: EY”

Mainstream adoption is now reality as one in three digitally active consumers across 20 markets use fintech, according to EY's fintech adoption index, which will be published today.

Money transfers and payments services companies continued to lead the fintech charge with half of consumers using this technology in 2017.

EY interviewed more than 22,000 customers in 20 countries who are active online to compile its FinTech Adoption Index. In future this Insurtech adoption rate could rise to as much as 55% globally, EY's analysis suggests.

"According to the study, this has largely been due to the expansion into technologies such as telematics and wearables (helping companies to better predict claim probability) and in particular the inclusion and growth of premium comparison sites".

The accountancy and business consultancy firm found that consumers' uptake of digital tech is "nowhere more apparent" than in emerging markets such as China and India, which are "historically underserved" by traditional financial providers.

Читайте также: SpaceX launches 10 satellites from Calif. air base

The latest EY FinTech Adoption Index - published today - reveals "significant growth" in the United Kingdom over the past 18 months, with adoption rates now standing at 42 per cent as more and more people embrace online banking and download apps to undertake a range of financial services.

For comparison, the United Kingdom which has been a fast adopter of technologies generally, particularly online services, has an adoption rate of 42%.

Meanwhile, insurance fintech firms pulled off an impressive turnaround. The study finds that people in this age range are comfortable with the technology and that they also require a wide range of financial services as they achieve milestones such as completing their education, gaining full-time employment, becoming homeowners and having children. "Disruption is no longer just a risk - it is an undisputable reality", said Imran Gulamhuseinwala, EY global fintech leader.

EY believes that global Fintech adoption could rise to an average of 52%, with South Africa, Mexico and Singapore expected to see the greatest potential increase. "Their new propositions are increasingly attractive to consumers and this trend is only set to continue as awareness grows, concerns are allayed and new advancements are made".

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