Measuring the Financial Impact of Insurtech: A Cross-Country Analysis of OECD Insurance Markets

Measuring the Financial Impact of Insurtech: A Cross-Country Analysis of OECD Insurance Markets | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Measuring the Financial Impact of Insurtech: A Cross-Country Analysis of OECD Insurance Markets Behlul Ersoy, Hasan Meral, Selim Yazici This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-9130274/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract This study examines the relationship between insurtech ecosystem maturity and insurance industry performance across OECD countries through the development of a novel Insurtech Market Development Index (IMDI). Utilizing expert-weighted indicators from the Cambridge Fintech Ecosystem Atlas, the IMDI measures the scale and diversity of insurtech enterprises across countries. Cluster analysis is applied to explore how variations in ecosystem maturity correspond to differences in key performance outcomes, particularly profitability, loss ratios, and operational efficiency in the non-life insurance segment. The findings reveal differentiated performance patterns across ecosystem maturity levels: some countries with limited insurtech activity achieve moderate profitability, while several digitally advanced markets face higher costs and lower returns. These results indicate that insurtech ecosystem maturity alone does not guarantee improved performance; its benefits depend on effective integration within broader strategic, operational, and institutional contexts. This study contributes to the existing literature by introducing a comparative, data-driven approach to measuring insurtech ecosystem maturity and demonstrating its financial implications. It also offers practical insights for policymakers and insurers on fostering effective innovation ecosystems and prioritizing targeted investments. Insurtech maturity insurance technology insurance financial performance Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-9130274","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":608746261,"identity":"b1009d8c-26d9-48bd-b21f-f1ffd96c9a3a","order_by":0,"name":"Behlul Ersoy","email":"data:image/png;base64,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","orcid":"","institution":"Bilecik Seyh Edebali University","correspondingAuthor":true,"prefix":"","firstName":"Behlul","middleName":"","lastName":"Ersoy","suffix":""},{"id":608746262,"identity":"ab89908d-f877-45fc-b336-a379435a44f3","order_by":1,"name":"Hasan Meral","email":"","orcid":"","institution":"Marmara University","correspondingAuthor":false,"prefix":"","firstName":"Hasan","middleName":"","lastName":"Meral","suffix":""},{"id":608746263,"identity":"07d44cb7-1d9e-407e-8ead-d8441d88f1d0","order_by":2,"name":"Selim Yazici","email":"","orcid":"","institution":"Istanbul University","correspondingAuthor":false,"prefix":"","firstName":"Selim","middleName":"","lastName":"Yazici","suffix":""}],"badges":[],"createdAt":"2026-03-15 17:23:25","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-9130274/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-9130274/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":105035701,"identity":"45ef616e-e8e3-49d2-a137-b53358816291","added_by":"auto","created_at":"2026-03-20 07:26:29","extension":"pdf","order_by":1,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":480956,"visible":true,"origin":"","legend":"","description":"","filename":"MeasuringtheFinancialImpactofInsurtechManuscriptdoc.v2.pdf","url":"https://assets-eu.researchsquare.com/files/rs-9130274/v1_covered_2e8828d7-2aee-46ef-915f-96c9f4dfab25.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"Measuring the Financial Impact of Insurtech: A Cross-Country Analysis of OECD Insurance Markets","fulltext":[],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":false,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":true,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":true,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Insurtech maturity, insurance technology, insurance financial performance","lastPublishedDoi":"10.21203/rs.3.rs-9130274/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-9130274/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"This study examines the relationship between insurtech ecosystem maturity and insurance industry performance across OECD countries through the development of a novel Insurtech Market Development Index (IMDI). 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