The Bank for International Settlements (BIS) published a paper presenting a report on the trends and risks connected with the involvement of big tech firms in the insurance market^[1]. The potential market areas for big techs’ engagement include, for example, product design and marketing, distribution, claim management or post-sale policy servicing.

The report is based on the data collected from 18 tech giants. It covers 14 jurisdictions and includes information obtained from supervisory authorities in those jurisdictions. The paper presents the involvement of big techs in the insurance market, with view to the their role: the one of licensed market entities, of entities cooperating with other licensed entities or service providers. It also discusses regulatory framework applied in the context of specific types of activity of big tech firms in the insurance market.

At present, the largest share of tech giants in the insurance sector is service providers mainly from the field of cloud solutions, data analytics and marketing.

The report and more details can be found here: https://www.bis.org/fsi/publ/insights51.htm

^[1] ‘From clicks to claims: emerging trends and risks of big techs’ foray into insurance’, August 2023