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Building an InsurTech Ecosystem Within the Insurance Industry

Author

Listed:
  • Iván Sosa

    (Faculty of Entrepreneurship, Business and Juridical Sciences, Camilo Jose Cela University, 28036 Madrid, Spain)

  • Sergio Sosa

    (Faculty of Entrepreneurship, Business and Juridical Sciences, Camilo Jose Cela University, 28036 Madrid, Spain)

Abstract

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.

Suggested Citation

  • Iván Sosa & Sergio Sosa, 2025. "Building an InsurTech Ecosystem Within the Insurance Industry," Risks, MDPI, vol. 13(6), pages 1-42, June.
    • Handle: RePEc:gam:jrisks:v:13:y:2025:i:6:p:108-:d:1671126
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    References listed on IDEAS

    as
    1. Quaas, Martin & Baumgärtner, Stefan & De Lara, Michel, 2019. "Insurance value of natural capital," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    2. Sinan Aral & Dylan Walker, 2014. "Tie Strength, Embeddedness, and Social Influence: A Large-Scale Networked Experiment," Management Science, INFORMS, vol. 60(6), pages 1352-1370, June.
    3. Martin Eling & Martin Lehmann, 2018. "The Impact of Digitalization on the Insurance Value Chain and the Insurability of Risks," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 43(3), pages 359-396, July.
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