Building an InsurTech Ecosystem Within the Insurance Industry
The emergence of InsurTech has significantly transformed the traditional insurance industry, leading to the development of a new ecosystem characterized by digital intermediation, strategic partnerships, and increasing interdependence among actors. This paper investigates the structural configuratio...
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| Format: | Article |
| Language: | English |
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MDPI AG
2025-06-01
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| Series: | Risks |
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| Online Access: | https://www.mdpi.com/2227-9091/13/6/108 |
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| author | Iván Sosa Sergio Sosa |
| author_facet | Iván Sosa Sergio Sosa |
| author_sort | Iván Sosa |
| collection | DOAJ |
| description | The emergence of InsurTech has significantly transformed the traditional insurance industry, leading to the development of a new ecosystem characterized by digital intermediation, strategic partnerships, and increasing interdependence among actors. This paper investigates the structural configuration of the InsurTech ecosystem, emphasizing its role in reshaping how value is created, delivered, and captured across the industry. Based on a sample of 364 active InsurTech firms from 2020 to 2023, the research employs network analysis to map the interactions and co-occurrences among seven defined archetypes: Enablers, Innovators, Connectors, Integrators, Protectors, Transformers, and Disruptors. The findings reveal a trend toward higher density and functional complementarity among archetypes by providing a framework for understanding the dynamics of the InsurTech ecosystem and the strategic implications. Building on these findings, this paper introduces a novel five-phase framework for understanding the ecosystem’s evolution: (1) digitalization and technologies, (2) customer-centric approach, (3) data and analytics, (4) platform-based business models, and (5) ecosystem partnerships. This research advances the theoretical understanding of InsurTech as a networked system of role-based interdependencies and provides a methodological approach to analyzing this scenario through network theory. Furthermore, it contributes to academic discourse and industry practice, offering practical guidance for insurers, startups, and policymakers by enabling actionable insights into the strategic positioning of InsurTech archetypes within the evolving insurance industry landscape. |
| format | Article |
| id | doaj-art-2f17d2cf8ded49298b1f10477d7cb512 |
| institution | Kabale University |
| issn | 2227-9091 |
| language | English |
| publishDate | 2025-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Risks |
| spelling | doaj-art-2f17d2cf8ded49298b1f10477d7cb5122025-08-20T03:27:32ZengMDPI AGRisks2227-90912025-06-0113610810.3390/risks13060108Building an InsurTech Ecosystem Within the Insurance IndustryIván Sosa0Sergio Sosa1Faculty of Entrepreneurship, Business and Juridical Sciences, Camilo Jose Cela University, 28036 Madrid, SpainFaculty of Entrepreneurship, Business and Juridical Sciences, Camilo Jose Cela University, 28036 Madrid, SpainThe emergence of InsurTech has significantly transformed the traditional insurance industry, leading to the development of a new ecosystem characterized by digital intermediation, strategic partnerships, and increasing interdependence among actors. This paper investigates the structural configuration of the InsurTech ecosystem, emphasizing its role in reshaping how value is created, delivered, and captured across the industry. Based on a sample of 364 active InsurTech firms from 2020 to 2023, the research employs network analysis to map the interactions and co-occurrences among seven defined archetypes: Enablers, Innovators, Connectors, Integrators, Protectors, Transformers, and Disruptors. The findings reveal a trend toward higher density and functional complementarity among archetypes by providing a framework for understanding the dynamics of the InsurTech ecosystem and the strategic implications. Building on these findings, this paper introduces a novel five-phase framework for understanding the ecosystem’s evolution: (1) digitalization and technologies, (2) customer-centric approach, (3) data and analytics, (4) platform-based business models, and (5) ecosystem partnerships. This research advances the theoretical understanding of InsurTech as a networked system of role-based interdependencies and provides a methodological approach to analyzing this scenario through network theory. Furthermore, it contributes to academic discourse and industry practice, offering practical guidance for insurers, startups, and policymakers by enabling actionable insights into the strategic positioning of InsurTech archetypes within the evolving insurance industry landscape.https://www.mdpi.com/2227-9091/13/6/108InsurTechinsurance industryecosystemIEBMC |
| spellingShingle | Iván Sosa Sergio Sosa Building an InsurTech Ecosystem Within the Insurance Industry Risks InsurTech insurance industry ecosystem IEBMC |
| title | Building an InsurTech Ecosystem Within the Insurance Industry |
| title_full | Building an InsurTech Ecosystem Within the Insurance Industry |
| title_fullStr | Building an InsurTech Ecosystem Within the Insurance Industry |
| title_full_unstemmed | Building an InsurTech Ecosystem Within the Insurance Industry |
| title_short | Building an InsurTech Ecosystem Within the Insurance Industry |
| title_sort | building an insurtech ecosystem within the insurance industry |
| topic | InsurTech insurance industry ecosystem IEBMC |
| url | https://www.mdpi.com/2227-9091/13/6/108 |
| work_keys_str_mv | AT ivansosa buildinganinsurtechecosystemwithintheinsuranceindustry AT sergiososa buildinganinsurtechecosystemwithintheinsuranceindustry |