Mahadewa, Baskara
(2024)
Factors determining market efficiency & long-term sustainability of Insurtech industry: multi-stakeholders perspective.
[Dissertation (University of Nottingham only)]
Abstract
The Insurtech sector, a subset of Fintech, has profoundly changed the insurance industry through technological innovations. This research aims to explore the determinants of long-term sustainability within Insurtech industry by investigating market efficiency and its underlying factors, with a focus on stakeholders' value maximization theory. The study, guided by the overarching question of what factors drive a successful Insurtech business, probes into specific questions. It examines the influence of stakeholder experiences on market efficiency, explores how these experiences affect stakeholder intentions to reuse Insurtech services, and analyses the relationship between market efficiency and reuse intentions.
Data was gathered from 262 participants during the period of July 2023 using an online survey platform, representing various countries and stakeholders, offering a comprehensive view of the Insurtech landscape. A total of 18 questions representing each variable (perceived value, trust, ease of use, market efficiency, and reuse intention) were asked and further analyse using structural equation modelling (SEM) software. The research reveals that perceived value and trust play crucial roles in shaping market efficiency and the intention to reuse Insurtech services. Perceived value positively impacts both, underscoring the significance of delivering tailored and valuable services that are in line with stakeholder interests. Trust emerges as a key factor that influences both market efficiency and the intention to reuse Insurtech services, reinforcing the importance of building trust among stakeholders. Interestingly, the study finds a non-significant correlation between market efficiency and reuse intention of Insurtech services, suggesting the presence of other influential factors.
In light of these findings, Insurtech companies are advised to employ data analytics, implement robust cybersecurity, uphold transparent data practices, and explore emerging technologies like blockchain and AI. By heeding these recommendations, they can better understand and cater to stakeholder preferences, maintain engagement, and enhance operational efficiency, thus effectively navigating the evolving Insurtech landscape while maximizing stakeholder’s value, enhancing market efficiency and reuse intention efforts. This research sheds light on critical dynamics within this dynamic sector, contributing to a deeper understanding of the factors driving long-term sustainability in the digital-driven Insurtech landscape.
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