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Technology continues to be a primary growth driver in insurance dealmaking worldwide. Notable deals completed in 2020 include investments into US-based startup Openly, Belgium’s Keypoint, and yallacompare in the United Arab Emirates.
After a year of economic turmoil, the US emerged from 2020 with its insurtech crown intact. American companies accounted for 39 places in FinTech Global’s InsurTech 100 (2020) – almost double that of its closest competitor. Of the insurtech megarounds completed by the third quarter, 75% took place in the US, with insurtechs flourishing in startup strongholds like Silicon Valley and New York, and across the Midwest and South.
AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists.
Throughout the last year, the COVID-19 pandemic challenged insurers to better understand customer needs and preferences while also accelerating digitization efforts.
Today when we speak about digital transformation within insurance, it can sound like it is something relatively new. In actuality, technology has been playing a pivotal role in the insurance industry for decades.
As we look back on 2020 – and aren’t we all glad to be doing that? – it’s safe to say that the rate of change in the insurance industry accelerated at least tenfold.
The authors predict carriers’ struggles to innovate, and keep up with other carriers, will change the trajectory of dealmaking.
Both startups and established players in the reinsurance industry are likely to have a strong focus on expense efficiency in 2021, according to Dmitry Mnushkin, President of Bermuda-based insurance and reinsurance software specialists, Treefrog Consulting.
The head of New York Life Ventures talks about the impact of the pandemic on the world of InsurTech investment.
Three out of four consumers (76%) would welcome assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a new report from Accenture.
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