Robo-Advice in Insurance – Thematic Research

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.

Scope

• 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.

Companies mentioned

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

Table of Contents

Contents

PLAYERS

TRENDS

INDUSTRY ANALYSIS

VALUE CHAIN

COMPANIES

GLOSSARY

FURTHER READING

APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY

    Pricing

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