RSA’s insight partner, Foresight Factory, shares their views on the increasing inclusiveness in the insurance sector.

The New Market Dynamics  

The growth of new business models and insurtech innovations have transformed the industry to be more inclusive; new insurance products have started to fill in the market gaps left by incumbent brands by marketing to the previously uninsurable consumers, covering personal risks or providing flexible payment systems currently not offered by the traditional insurance products.

This development is in part a by-product of the Big Data economy, and enabled by start-ups which utilise the pool of personal data to verify potential customers and crosscheck digital records, thus they are able to assess risks and understand each individual on a more personal level, and could subsequently manage future risks of newly insured customers by real-time digital monitoring.