Investment in insurtech took off throughout 2018 and 2019 and looked set to continue thriving until the pandemic hit in 2020. Investment slowed as a result, but this is only expected to be temporary. The digitalization that goes hand in hand with the insurtech theme will be more essential than ever in a post-pandemic world, so the insurtech space will continue to thrive. The main trend continues to be collaboration between insurers and insurtech providers. It is very difficult for a startup to disrupt and challenge established players in this market, but there are outliers around the world.
This report provides an in-depth analysis of the insurtech space. It identifies key players within the industry and discusses what they have done well to set themselves apart. It analyzes the investment that has gone into the theme in recent years. The report also discusses how insurtechs have influenced incumbent insurers - whether that is through acquisition, partnerships, or assessing the influence on traditional insurers’ policies.
- Overall, the total value of investment in insurtech declined by 21.3% in 2020.
- The overwhelming reason for the decline was the COVID-19 pandemic, which hit investor confidence, squeezed budgets, and stopped business from occurring at various points of the year in a range of countries.
- The biggest obstacle to insurance startups remains the strength of their brand. GlobalData survey data highlights that even the leading startups in the UK have to target small parts of the population, as the vast majority of consumers have not heard of them.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and startups enter the market.
- Understand the impact insurtechs are having on the insurance industry.