One out of two insureds ready to underwrite a GAFAM or an insurtech policy

According to the World Insurtech Report 2021, published by Capgemini and the European Financial Marketing Association (EFMA), one out of two insureds is now ready to subscribe to a policy with a GAFAM or an insurtech.

Five years earlier, only 17% of people were willing to buy insurance from a non-traditional insurer.

The Covid-19 pandemic has strongly contributed to the rapid change in customers' needs. Insurance products are not well adapted to the needs of the insured during a health crisis, which in some cases leads them to seek compensation for the damage they have sustained through legal action.

The health crisis has revealed that, unlike GAFAM and insurtech, insurers are taking too long to adapt to rapidly changing risk patterns.