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Robo-Advice in Insurance - Thematic Research

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  • 32 Pages
  • September 2020
  • Region: Global
  • GlobalData
  • ID: 5180000

This report provides an in-depth analysis of the robo-advice industry and covers the different ways the robo-advice investing model is being adapted for insurance. It examines the appeal of robo-advice to consumers, as well as the challenges faced by robo-advisors in the market. It also highlights innovative offerings in the market that specifically cater to the insurance industry.

Robo-advice has become popular in recent years as investors seek strong returns at low costs. While current robo-advisors mainly focus on investments, a handful of them are broadening their service propositions to include other financial services and products, including insurance.

The robo-advice service proposition for insurance products currently follows two approaches. Firstly, established robo-advisors are partnering with insurance providers to offer insurance products through their website or platform. Secondly, some startups have adjusted the ‘traditional’ robo-advice proposition for insurance. By collecting data on prospective clients through a series of online questions, these platforms determine the suitability of various insurance products and suggest ones that match the customer’s profile.

Successful insurance robo-advisors will need to ensure that the advice and products they suggest are both relevant and affordable, and that customers have the ability to speak to a human representative when they desire. These success factors also hold for ‘traditional’ investment-focused robo-advisors. This allows successful existing players to expand their current proposition into insurance relatively easily.

  • Robo-advisors will grow in popularity as younger generations begin to acquire more wealth.
  • Being able to interact with a human when needed is critical to improving the usage of robo-advice.
  • The gig economy presents a large opportunity for robo-advisors.

Reasons to Buy
  • Identify the key trends shaping the robo-advice industry.
  • Identify key players in the robo-advice space that are providing insurance solutions.
  • Plan for the future to stay ahead of the competition.

Table of Contents

  • Players
  • Trends
  • Industry Analysis
  • Value Chain
  • Companies
  • Glossary
  • Further Reading
  • Appendix: Thematic Research Methodology

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • PensionBee
  • Wealth Wizards
  • Nutmeg
  • Anorak
  • Betterment
  • SoFi
  • Brolly
  • wefox
  • Catch
  • Clark
  • Moneyfarm
  • Lufax
  • Wealthify
  • Aviva
  • Ping An Insurance
  • Personal Capital
  • Ellevest
  • Wealthsimple
  • Vanguard
  • SigFig
  • TD Ameritrade
  • Ladder
  • Root Insurance
  • Lemonade
  • Direct Line