Mantel, PeterVillegas, Erick BeharJahongir IslomovBerlin International University of Applied Sciences2024-01-152025-11-282025-11-282023https://repository.berlin-international.de/handle/123456789/807AI-GENERATED ABSTRACT: Abstract: This research delves into the transformations witnessed in the InsurTech landscape within the market since 2014, with a specific focus on the case of Wefox. The study examines the evolution of InsurTech, its impact on the insurance industry, and the challenges faced during its implementation. By conducting a thorough literature review, key trends and developments in the European InsurTech sector are explored. Through an in-depth analysis of Wefox as a case study, a comprehensive understanding is sought regarding the prominent InsurTech company's role in driving industry transformation. The findings highlight how Wefox has disrupted insurance practices through its innovative business model, technological advancements, and customer-oriented approach. The research further offers insights into the implications for the insurance market and a discussion on the opportunities and challenges arising from the InsurTech revolution. This study significantly contributes to a deeper comprehension of InsurTech's profound impact on shaping the future of insurance in Europe. Keywords: InsurTech, insurance industry, Wefox, innovation, technological advancements, business model, European market, industry transformation, customer-oriented approach, market disruptionMACHINE-GENERATED CONTENTS NOTE: Table of Contents 1. Introduction ............................................................................................................................. 5 1.1 Background and Context.............................................................................................................. 5 1.2 Research Problem and Objectives................................................................................................ 5 1.3 Research Questions...................................................................................................................... 5 1.4 Scope and Limitations.................................................................................................................. 6 1.5 Significance of the Study ............................................................................................................. 6 2. Literature Review .................................................................................................................. 8 2.1 Overview of Insurtech and Its Evolution .................................................................................... 8 2.1.1 the Emergence of Insurtech ................................................................................................ 8 2.1.2 Drivers of Insurtech Growth ................................................................................................ 8 2.1.3 Impact on Traditional Insurers .............................................................................................. 9 2.1.4 Disruption in Distribution Channels ..................................................................................... 9 2.1.5 Innovations in Insurance Products ........................................................................................ 9 2.1.6 Regulatory Challenges and Opportunities............................................................................. 9 2.1.7 Insurtech in the European Market Since 2014 ................................................................... 10 2.2 Insurtech Trends and Developments in Europe Since 2014 ..................................................... 10 2.2.1 Digital Customer Experience .............................................................................................. 10 2.2.2 Data-driven Underwriting and Risk Assessment ............................................................... 10 2.2.3 Insurtech Partnerships and Collaborations......................................................................... 11 2.2.4 Focus on Insurtech Regulation .......................................................................................... 11 2.2.5 Innovations in Product Offerings ........................................................................................ 11 2.2.6 Rise of Insurtech Hubs and Accelerators........................................................................... 12 2.2.7 Focus on Insurtech Sustainability ...................................................................................... 12 2.3 Case Studies of Prominent Insurtech Companies in Europe..................................................... 12 2.3.1 Wefox ................................................................................................................................. 13 2.3.2 Lemonade............................................................................................................................ 13 2.4 Adoption and Challenges of Insurtech in the European Market ............................................... 15 2.4.1 Adoption of Insurtech in Europe ....................................................................................... 15 2.4.2 Challenges of Insurtech Adoption ..................................................................................... 16 2.5 the Role of Wefox in the Transformation of Insurtech in Europe ........................................... 17 2.5.1 Customer-centric Approach ............................................................................................... 17 2.5.2 Digital Ecosystem Enabler.................................................................................................. 17 2.5.3 Data-driven Underwriting .................................................................................................. 18 2.5.4 Innovation in Claims Processing......................................................................................... 18 2.5.5 Expanding Insurtech Ecosystem........................................................................................ 18 3. Methodology .......................................................................................................................... 20 3.1 Research Design ........................................................................................................................ 20 3.2 Data Collection Methods ........................................................................................................... 20 3.2.1 Primary Data Collection ..................................................................................................... 20 3.2.2 Secondary Data Collection.................................................................................................. 21 3.3 Data Analysis Techniques.......................................................................................................... 22 3.4 Selection of Case Study (wefox)............................................................................................... 23 3.5 Ethical Considerations ............................................................................................................... 23 4. the European Insurtech Landscape Since 2014 ...................................................... 25 4.1 Market Size and Growth ............................................................................................................ 25 4.2 Key Players and Competitors in the European Insurtech Industry ........................................... 26 4.3 Regulatory Environment and Its Impact on Insurtech .............................................................. 28 4.4 Technological Advancements and Innovation in Insurtech ...................................................... 30 5. Case Study................................................................................................................................. 33 5.1. Background and History of Wefox ........................................................................................... 33 5.2 Wefox's Business Model and Value Proposition ....................................................................... 34 5.3 Wefox's Journey and Growth in the European Market .............................................................. 35 5.4 Technological Innovations and Disruptions by Wefox.............................................................. 36 5.5 Wefox's Successes and Challenges in the European Insurtech Industry................................... 37 6. Transformation of Insurtech in Europe: Lessons from Wefox ................... 39 6.1 Impact of Wefox on Traditional Insurance Practices ................................................................. 39 6.2 Customer Experience and Engagement in the Digital Age ........................................................ 39 6.3 Changing Role of Insurance Agents and Brokers ...................................................................... 40 6.4 Challenges and Future Prospects of Insurtech in Europe ......................................................... 41 7. Discussion and Analysis.................................................................................................... 43 7.1 Key Findings from the Case Study ............................................................................................ 43 7.2 Comparing Wefox's Strategies With Other Insurtech Companies............................................. 43 7.3 Implications for the European Insurance IndustryengBusiness ModelEuropean MarketIndustry TransformationInnovationInsurance IndustryMarket DisruptionTechnological AdvancementsWefoxInsurtechThesis