Nigeria FinTech Landscape - Impact Assessment
Global FinTech Landscape
As well as on insurance (2/2)
ESTIMATES
McKinsey InsurTech Landscape,
% of Insurtechs in database
Customer
segments
Retail
SME
Large
corporate
Internal
Operation
B
33%
6%
14%
1%
M
000
12%
8%
1%
16%
2%
3%
Non Life
Share of innovation in
McKinsey InsurTech database
2%
X%
FinTech
<5%
5%-7.5%
7.5%-10%
>10%
2%
% of Insurtechs in database
(adds up to 100%)
Health
InsurTech has attracted significant activity
from investors with 25% of FinTech playing
in Insurance
Insurance activity globally is predominantly
in the retail and non-life segment, driven
mainly by P&C motor insurance with
sizeable activity in the Internal operations
and non-life segment
Within Insurance, players have focused on
the non-life segment (e.g. asset insurance),
deploying innovative models around
distribution, risk assessment and customer
servicing
Global size of Insurtech highlights the
opportunity for innovation in Insurance in
Nigeria, where activity has been limited
Products/capabilities
Life
SOURCE: McKinsey Insurtech database, Panorama Global Banking Pools
EFINA
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