Making Insurtech a fair bet
By Teamspirit on Friday, 28 January 2022
On Thursday 27th Jan, in conjunction with the Financial Services Forum, we held our first event of 2022 where we discussed insurtech, the sector hotly tipped as the next big opportunity, with the marketplace expected to reach $10.4billion by 2025, and an estimated annual growth rate of 32.7% from now until 2030.
With thanks to our insurtech trailblazers on the panel for their insight:
• Phil Zeidler, CEO, Deadhappy, the redesigned life insurance provider, starting the conversation that they hope will one day change attitudes towards death.
• Sylvia Epaillard Chief Distribution Officer, Companjon which embeds insurance to fuel business growth and ‘puts a smile on people’ faces when life doesn’t go as planned.’
• Philippe Lafreniere, Chief Growth Officer, Slice the first on-demand cloud platform building digital insurance products that meets customers where they are.
• Christen Smith, Chief Commercial Officer, Flock a UK insurtech using data to transform insurance into something that proactively prevents accidents, rather than simply paying out when claims occur.
For those who didn’t manage to make it you can watch the recording here.
In summary, we explore how insurtech is not only mitigating risk but adding value across the supply chain – bringing customer delight and creating new biz models.
As way of context, globally, insurtechs raised $7.5 billion in 2020, and $10.5B as of Q3 2021 (CB Insights) as COVID-19 accelerated the need for digital transformation in insurance. The sector is continuing to attract record levels of investment includes 20 megarounds in 2020 and 11 in 2021. Cybersecurity continues to be a major challenge for businesses of all sizes, with the largest raises to start-ups building cyber insurance and risk management solutions.
The maturing of insurtech is also attracting significant reinsurer investment and acquisition. Notable M&A deals have included UK-based Brolly, a personal insurance concierge, being acquired by DirectLine Group to accelerate its digital transformation efforts. Whilst Germany-based ControlExpert, a motor claim management platform, was acquired by Allianz to improve claims handling through artificial intelligence and automation.
Insurtech really has called time on traditional laborious manual processes and is taking insurance into new territory, with digitally and AI led solutions that promise a fairer, faster and friction free experience for consumers and businesses.
Listen now to understand more about the shift into the strategic role that insurtechs can play. And how our panel are redefining and reimagining insurance and making for a safer investment.