Commercial InsurTech refers to insurance services for enterprises offered through digital channels and the enabling infrastructure. These include general liability insurance along with products that leverage new ways of pricing policies such as usage-based insurance (for vehicle fleets) and data-driven insurance for commercial properties.
Needs around convenience and personalization, which have driven demand for insurance in the personal lines segment, are also being seen in the commercial insurance space. Most of these insurance products (especially those in the general insurance segment) are catered toward small businesses and freelancers, enabling the streamlining of the purchasing of commercial insurance, which traditionally has been a very manual exercise. Infrastructure providers offer turnkey platforms and APIs for insurers and other businesses to develop and launch their own insurance offerings with other specific solutions also available to digitalize certain aspects of the value chain such as underwriting and claims.
*Note: Additional sections (such as detailed overview, market sizing, and incumbents) can be provided on request.