Author

Dan Brightmore

Published

16 January 2026

Estimated Read time

5Mins

Ben Goldin, Founder and CEO of Plumery, explores the key banking trends for 2026 – from fraud and digital assets to stablecoins and AI applications

As we head into the second half of the decade, several emerging trends will come to the fore in 2026. The interconnectedness among these trends is also noteworthy. Artificial intelligence (AI) and progressive modernisation act as common threads.

A strong current throughout 2026 is the shift from customer-first banking to human-first banking. This relates to the concept of ethical banking. It focuses on creating financial services that have a positive social and environmental impact. 

Human-first banking aims to get even closer to the customer by understanding their actual human needs, rather than just consumer needs. For example, a bank should be acting as a coach to improve a customer’s financial health, not solely as an advisor on which products they should buy. Banks can build trust in a digital world through tailored and empathetic interactions, effectively simulating the experience customers formerly had with their personal banker.

To attain that level of hyper-personalisation, banks will need to be capable of processing vast amounts of transactional data, which can only be accomplished by deploying AI and big data tools. This requirement, in turn, will turbocharge progressive modernisation, another trend that has been bubbling under the surface for the past few years.

Traditional banks are using progressive modernisation to deal with legacy infrastructure that is not fit for purpose in a digital-first, AI-driven world. Instead of a big bang replacement of core banking systems, which is risky and can take years, banks are creating change from within existing architecture. Banking is leveraging technologies that support a multi-core strategy. With this approach, banks can add new cores for specific products that require greater agility and innovation. Modern cores are necessary for deploying the latest AI and big data tools because they provide a unified, real-time data foundation to deliver hyper-personalisation.

Fraud Threats

Fraud will remain a top concern throughout 2026. Adversaries use AI to expand the range of techniques, such as impersonation scams and identity theft, as well as accelerate and scale fraudulent activity.

According to the UK Finance Half Year Fraud Report 2025, £629.3 million was stolen by criminals in the first six months of this year, and there were 2.09 million confirmed cases across both authorised and unauthorised fraud. Card not present cases rose 22% to 1.65 million and accounted for 58% of all unauthorised fraud losses.

However, the good news is that there was a 21% increase in prevented card fraud in the first half of 2025. The £682 million which was stopped from being stolen is the highest-ever figure reported.

To combat fraud, new and improved tools to help banks identify, verify and onboard customers will come to market in 2026. The move away from paper-based identity (ID) and widespread adoption of digital ID will play a key role in the fight against fraud. Hence the UK government’s recently announced plans to roll out a new digital ID scheme.

In addition, I expect to see a fundamental shift in fraud detection using real-time behavioural analytics, data analytics for proactive risk identification, and other applications of AI and machine learning in this space.

Digital Assets and Stablecoins

Digital ID verification is also essential for fighting fraud in the digital assets and stablecoins space. Another hot topic at several banking and payments industry conferences last year.   

In 2026, digital assets and stablecoins will become much more mainstream. Banks have left the sidelines and are now actively engaged with running pilots. For example, in September a consortium of nine European banks, including CaixaBank, ING and UniCredit, announced an initiative to launch a euro-denominated stablecoin.

Central banks and regulators are developing a comprehensive agenda for digital assets. Banks will need to blend traditional fiat currencies and assets with their digital counterparts. This trend is also driving a progressive modernisation approach, as legacy core banking systems weren’t designed to manage digital assets, nor do they support moving money via blockchain-based rails. I expect to see more banks looking to deploy a multi-core strategy where digital assets are managed and stored elsewhere, but they can still provide a seamless and unified experience to customers.

AI

Last year, I predicted that the industry would adopt a ‘meet-in-the-middle’ approach to AI, with banks beginning to uncover the real value that the technology can deliver. I also predicted consolidation, recalibration and stabilisation in the market.

GenAI Banking Applications

My predictions held true, by and large. In 2025, institutions explored what is possible, relevant and achievable within the banking context, then specifically for each individual institution within its legacy architectures and technological environments.

This trend will evolve into more practical actions and initiatives over the next 12 months to provide greater clarity around where GenAI shines versus where it’s not applicable.

To gain clarity, it’s important to understand the difference between AI and GenAI. The latter is built on stochastic principles, which uses probability to model systems that appear to vary in a random manner. This means that the same input could potentially generate different outputs – this isn’t acceptable for automated financial operations, which requires much more determinism. Hence, I believe that GenAI will be used chiefly in scenarios where there’s human intervention.

One area where GenAI is applicable is in conversational applications. For example, banks will begin launching more interactive user interfaces. Customers will be able to interact with the bank as they would a human. Moving beyond simple, frequently asked questions to actual actions.

GenAI in the Back Office

Similarly in the back office, banks can leverage GenAI to provide guidance to their employees and accelerate certain tasks. Using the technology to improve efficiency and help staff do more will have a positive impact on customer experience. Processes will take much less time.

It will also help to bring unbanked segments or non-standard customers, which are difficult and costly to onboard because they require a bespoke assessment, into regulated financial services. Applying GenAI can make the bespoke process much more efficient by providing data-driven insights to support faster and smarter decision-making. This will make it much cheaper to serve these segments. Including smaller and medium-sized enterprises, which will drive financial inclusion and improve customers’ financial health.

Learn more at plumery.com

  • Artificial Intelligence in FinTech
  • Blockchain & Crypto
  • Cybersecurity in FinTech
  • Digital Strategy
  • Fintech & Insurtech
  • InsurTech

Author

Radi El Haj

Published

14 January 2026

Estimated Read time

5Mins

Radi El Haj, CEO of global payments technology leader RS2, argues that while cost-cutting is important, banks are overlooking AI’s biggest opportunity: fuelling growth through hyper-personalisation, predictive analytics, and dynamic pricing, all while staying on the right side of compliance

In banking, artificial intelligence (AI) is often portrayed as an efficiency force-multiplier: automating back-office tasks, detecting fraud, reducing cost. Yet the bigger prize is less about cost and more about growth: unlocking new revenue streams through data monetisation, hyper-personalisation and dynamic pricing. At RS2, a platform that powers issuing and acquiring across banks and enterprises globally, we see how these possibilities can move from concept to profitable reality.

Unlocking Transactional Data for Revenue

Banks sit on rich transactional data – what customers buy, how they spend, when they engage. Historically, this data has helped reduce risk, fight money-laundering or optimise operations. But now it can be used to drive growth. According to an EY overview, AI-powered tools enable banks to personalise services, identify cross-sell opportunities and “potentially boost revenue streams.”

Consider a bank that analyses a customer’s payment behaviour, identifies recurring patterns (e.g., frequent travel, high hotel spend) and then offers a tailored premium travel card or concierge-style value add. Or a commercial bank that segments SMEs by payment volume and cash-flow profile and monetises by offering dynamic pricing on foreign exchange or supply-chain financing.

Responsible monetisation demands governance. A recent essay on monetising financial data with AI warns that “you’re sitting on a goldmine of data … but the major caveat is the need to manage risk”. The practical implication: invest in data-quality, maintain strict consent and usage controls, disaggregate personally identifying detail where possible and ensure transparency with customers. As banks move from “can we do this?” to “should we do this?”, the ones that succeed will embed data ethics, consent frameworks and explainability at the core.

Compliance and Innovation: Building Self-Hosted AI Frameworks

Growth-facing AI can’t sail past compliance. Banks need to remain within the bounds of regulatory regimes such as GDPR, PSD2 and CCPA. A key enabler is self-hosted or controlled AI infrastructure that allows experimentation without exposing sensitive data to third-party cloud vendors or uncontrolled derivative uses.

In the UK, the Bank of England notes that the future of AI in financial services demands both innovation and safety – building internal capabilities while contributing to systemic resilience. For banks this means: maintain internal model-hosting (or tightly controlled cloud with data isolation), build a “sandbox to production” pipeline where models are validated for bias, fairness and explainability, and treat regulatory engagement not as a blocker but as a design parameter.

With this architecture in place, banks can push beyond the cost-centre mindset (fraud detection, operations) into growth-mindset use-cases – real-time decisioning, dynamic pricing, micro-segment product design – all while retaining control over data flows, vendor risk and audit trails.

Explainable AI: Trust at the Front-Line

If AI is going to power new revenue models – dynamic offers, predictive cross-sell, hyper-personalised pricing – then customers and regulators alike must trust the outcomes. Enter explainable AI (XAI).

Explainability isn’t a nice add-on: it’s mandatory when AI touches decisioning that affects consumers (pricing, credit, product eligibility). If a customer is offered a differential rate based on their profile, they are entitled to know (in clear language) why. If a regulator challenges the fairness of an algorithmic decision, the bank must show the decision-tree, the bias mitigation steps and the audit trail of model monitoring.

As banks deploy AI in growth-facing scenarios, transparency becomes a strategic differentiator: one bank may claim to offer “smarter offers” – another will be able to document that those offers are fair, auditable and compliant. That traceability becomes a selling point when partnering with fintechs, regulators or corporate clients.

Lessons from Leading Banks: Growth-Not Just Cost-Cutting

While many banks still emphasise cost-cutting, the story is shifting. For instance, research from FIS shows that banks with a strong data strategy are tying AI investments to revenue outcomes, not just automation.

In practice, a global bank uses AI-driven cash-flow tools for corporate clients and is now preparing to monetise the service rather than treat it purely as a cost centre. Another major institution, NatWest, has embedded AI in its digital-assistant ecosystem and already reports improved customer engagement metrics and lower servicing costs.

From the experience at RS2, we see banks and FinTechs that pay attention to platform architecture, data lineage and flexible monetisation workflows succeed faster. The value flows not from a single “AI project” but from embedding AI into the payment rails, product lifecycle, pricing engine and loyalty ecosystem.

It is noteworthy that banks are not alone here: payments-technology providers like RS2 are collaborating with financial institutions to integrate AI into issuing and acquiring flows, offering a way to turn payments data into behavioural insight, and knowledge into value-added services.

Bringing it Together

For banks, the dominant mindset should shift from “AI as efficiency tool” to “AI as growth platform”. That transition requires three foundational capabilities: a clean, consent-driven data ecosystem; an AI infrastructure that balances innovation and control; and an organisational discipline around explainability, governance and monetisation strategy.

At RS2 we believe that the combination of payments technology, platform mindset and global scale gives us a front-row seat to this shift. The banks that lead in the next five years will be those that embed AI not in margins but in revenue lines – crafting new products, offering dynamic pricing, delivering real-time personalisation and monetising payments data in a responsible manner.

The future isn’t about AI simply making existing processes cheaper; it is about re-working how banks generate value. If your AI agenda stops at cost-cutting, you’re leaving the biggest opportunities on the table.

About RS2

RS2 is a leading global provider of payment technology solutions and processing services, offering a unified approach to managing payments across all channels for banks, integrated software vendors, payment facilitators, independent sales organizations, payment service providers, and businesses worldwide. RS2’s platform stands out as a robust cloud-native solution designed for both issuing and acquiring operations. With its advanced orchestration layer seamlessly integrating all aspects of business operations, clients gain access to comprehensive analytics, reporting tools, and reconciliation features. This empowers businesses to effortlessly expand their global footprint through a single integration, while also gaining valuable insights into payment processes and customer behavior, enhancing operational efficiency, increasing conversion rates, and driving profitability. 

Learn more at RS2.com

  • Artificial Intelligence in FinTech
  • Digital Payments
  • Embedded Finance
  • InsurTech

Author

Ben Francis

Published

9 January 2026

Estimated Read time

4Mins

Ben Francis, Insurance Lead at Risk Ledger, on navigating cyber threats by reinforcing security from the inside out

Cyber insurance has evolved from a straightforward risk transfer mechanism into an integral component of enterprise risk strategy. As a result, the conversation has shifted beyond simply securing coverage to embracing three foundational elements: transparency in risk exposure, accountability for security measures, and active collaboration throughout the digital ecosystem.

Rather than asking ‘are you covered?’, the more pertinent question has become ‘can you demonstrate measurable risk reduction?’. Insurers and insureds alike are recognising that what matters now is how well an organisation understands and manages its digital exposure, especially across its extended supply chain. Recent data reveals that 46% of organisations experienced at least two separate supply chain-related cyber incidents in the past year, a clear sign that exposure often lies beyond direct control. 

From Risk Transfer to Risk Visibility 

In recent years, the cyber insurance market has matured significantly. Once viewed as a reactive safety net to cushion the financial impact of attacks, it is now becoming a proactive tool for managing and mitigating risk. This shift is partly driven by insurers, who increasingly expect and work with organisations to demonstrate strong security practices and a nuanced understanding of their threat landscape, including risks deep within their digital supply chains; an area where many businesses still fall short.

At the same time, the industry faces a growing challenge from systemic cyber risk within their portfolios, as many businesses rely on the same cloud providers, payment systems and digital platforms, increasing the chance of a single point of failure. Insurers must gain visibility into how policyholders are connected, not only to suppliers but to each other. Tools and frameworks that map and monitor these interconnections will be essential to avoid underestimating the wider impact of seemingly isolated cyber events.

Mapping Beyond Third Parties

It is no secret that cyber attackers often target the weakest link in a supply chain. These are not always direct suppliers, but fourth, fifth or even sixth-tier vendors that have indirect but critical access to systems and data. Unfortunately, many organisations lack visibility beyond their first tier, creating blind spots that attackers can easily exploit. From an insurance perspective, this presents a clear challenge. If an organisation cannot account for who it is connected to, it cannot adequately quantify its risk and neither can its insurer. Mapping these extended connections is more than just a technical exercise; it means actively practiced risk governance and responsibility. Insurers increasingly want to know how their policyholders are identifying and managing indirect dependencies, particularly in sectors like financial services and retail where disruption can ripple across entire markets.

Collaboration as a Risk Strategy 

One of the more underappreciated aspects of cyber resilience is the role of peer collaboration. Unlike physical incidents, cyber threats rarely exist in isolation. A single compromised vendor can impact multiple organisations simultaneously, a fact that has been highlighted by high-profile supply chain attacks such as SolarWinds and MOVEit. 

As a result, businesses need to think beyond their own perimeters and adopt a more collective mindset. This includes building relationships with industry peers, sharing threat intelligence and participating in sector-wide initiatives aimed at improving visibility and preparedness. 

In highly regulated sectors, such as insurance, this collaboration is increasingly being encouraged by oversight bodies. Frameworks like the Digital Operational Resilience Act (DORA) in the EU and initiatives from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in the UK are pushing for more transparency around third-party risk. In this context, openness is no longer optional; it will be a regulatory expectation. 

For insurance providers, greater collaboration between policyholders also means better data on emerging threats and more accurate portfolio management. For businesses, it offers a chance to anticipate vulnerabilities that may not yet have hit their own networks but are affecting others in their industry. 

Proactive Transparency Builds Trust 

Organisations that take a proactive, transparent approach to cyber risk management are more likely to secure cover and potentially favourable terms, not just in terms of premiums, but also in access to additional services such as forensic support, incident response sources and legal counsel. 

Demonstrating a mature cyber posture is not about claiming perfection. No organisation is immune to breaches. What insurers are looking for is evidence of a structured approach: the existence of incident response plans, robust governance, effective supply chain risk management, and above all, an honest view of risk. 

A Shift in Mindset 

Ultimately, our understanding of cyber insurance must keep evolving. It should not be treated as a simple checkbox exercise, but as a collaborative relationship between insurers and the organisations they support – one built on shared insight, clear communication, and a drive for continuous improvement.

The organisations best equipped to navigate today’s threats will be those that prioritise transparency. Not only does it lead to stronger protection, but it also builds a culture of accountability that reinforces security from the inside out.

Learn more at riskledger.com

  • Cybersecurity
  • Cybersecurity in FinTech
  • Digital Strategy
  • Fintech & Insurtech
  • InsurTech

Author

Jamil Jiva

Published

17 December 2025

Estimated Read time

4Mins

Jamil Jiva, Head of Asset Management at Linedata, on unlocking the benefits of AI for Private Equity

Private equity has always been a race against time: identify the right opportunity, execute the deal, and drive growth before the next cycle begins. Traditionally, the competitive edge came from sharp analysis and strategic foresight. But today, as competition intensifies and margins for inefficiency vanish, another advantage is emerging: the ability to reclaim time itself.

Generative AI is the force multiplier behind this shift. It’s becoming an extension of the deal team, capable of accelerating the most time-consuming elements of the investment lifecycle. When applied thoughtfully, AI can unlock what may be the most important metric in modern private equity: Return on Time (ROT).

ROT measures the hours reclaimed from manual, repetitive work and reinvested in activities that truly drive value. In other words, AI is giving deal teams the gift of time. And in private equity, there may be no greater currency.  

AI as an Extension of the Deal Team

Many firms have already taken the first step towards using AI to automate the ‘heavy lift’ tasks that have traditionally slowed teams down. 

Deal sourcing is where the first savings can be made. Machine learning models trained on past investments, sector trends, and even unstructured data from news and social media are helping teams identify potential opportunities earlier. Sometimes before they even hit the market. Instead of hours spent trawling through databases or reading reports, deal professionals can now focus their energy on strategic decisions and relationship building.

Once a target is in sight, due diligence becomes the next time-intensive phase ripe for AI optimisation. Generative and analytical AI tools can now extract and classify data from hundreds of pages of financial documents, contracts, and ESG disclosures in minutes rather than days. 

Post-acquisition, portfolio monitoring is where AI is starting to transform how value creation is managed. Natural language processing (NLP) can scan management reports and board decks to flag anomalies or benchmark performance against similar assets. Instead of manually consolidating metrics from scattered sources, investment teams can access real-time, AI-generated insights via live dashboards, giving them more bandwidth and brain space to focus on value creation.

At each stage, AI doesn’t replace the expertise of analysts and associates; it amplifies it. By handling the volume and velocity of modern data, AI helps firms make faster, better-informed decisions. The kind that can define fund performance.

Measuring ROT

In an industry where success is often quantified in basis points, ‘return on time’ may sound abstract (almost as abstract as the concept of time itself). But it’s quickly becoming a very real and measurable advantage.

Every hour a deal professional spends wrangling data or formatting reports is an hour not spent nurturing relationships or driving portfolio performance. AI can convert those reclaimed hours into strategic capacity.

For example, a mid-market firm that uses AI to automate quarterly portfolio reporting might save its operations team 15 hours per company per cycle. Across a 30-asset portfolio, that’s over 1,800 hours annually. That’s the equivalent of adding a full-time team member, without increasing headcount.

More importantly, the quality of those hours improves. Teams can reallocate time to higher-value activities, like mentoring junior talent, exploring new sectors, or deepening engagement with portfolio executives. In private equity, where speed and insight often determine who wins a deal or exits successfully, that time dividend can compound dramatically.

Scaling with Governance and Buy-In

While the business case is clear, scaling AI across investment teams is littered with challenges. Sensitive financial and portfolio data demand strong governance frameworks, especially as regulations such as the EU Data Act tighten the rules around data privacy and AI accountability.

Equally important is cultural buy-in. Starting small is the surest way to build trust and momentum, focusing on high-friction areas like due diligence and fragmented data workflows to deliver quick wins and tangible results. Clear communication is vital, but nothing reinforces confidence like seeing fast, impactful outcomes firsthand.

The most successful adopters recognise that AI implementation is an organisational shift that impacts far more than just IT. Analysts, partners, and operating teams all need to understand how AI supports, not substitutes, their expertise. Training programs and visible leadership support are essential to make the change stick.

Firms that neglect the human side of transformation risk underutilising their tools or facing quiet resistance from teams that don’t trust or understand the outputs. In contrast, firms that invest in cultural alignment often see adoption take flight organically, as teams begin to experience benefits they can see in their daily work.

The Gift of Time

AI’s impact on private equity will not be measured solely by reduced costs or faster workflows, but by the strategic capacity it returns to teams.

From there, the benefits become both quantitative and qualitative. As critical KPIs see an uplift, so too will more holistic metrics like decision-making confidence, analyst satisfaction, and internal adoption rates. In an industry built on the efficient use of capital, time remains the most precious and finite resource of all. Measuring and maximising Return on Time could be the differentiator that marks the next step up in private equity performance.

Learn more at linedata.com

  • Artificial Intelligence in FinTech
  • InsurTech

Author

Dan Brightmore

Published

16 December 2025

Estimated Read time

6Mins

FinTech Connect was a crossroads for strategy and execution. Global banks, FinTech challengers, regulators and investors gathered to define 2026 priorities, debate operational challenges and benchmark technology roadmaps.

A Decade of Fintech Innovation

FinTech Connect marked its 10th anniversary at ExCeL London. Drawing 5,000+ industry professionals, 140+ speakers and 100+ exhibitors to explore banking, payments, compliance, digital transformation and blockchain innovation. The co-location with Tokenize: LDN brought deeper coverage of tokenisation and digital-asset infrastructure alongside core FinTech topics.

AI in Fintech: From Vision to Practice

A theme threaded through almost every theatre was AI adoption in financial services. But unlike earlier years’ speculative hype, this edition focused on practical deployment and risk management.

One standout panel, “GenAI That Customers Can Trust: The One Zero Digital Banker Story,” shared how One Zero built responsible generative AI features tailored for banking workflows, emphasising transparency and user trust. Industry leaders underscored that explainability, governance and compliance are no longer optional in enterprise AI.

A direct follow-on session, “How Do We Make AI Responsible in Practice?”, featured Rajeev Chakraborty from the Home Office discussing model governance and ethical safeguards for operational AI—an area rapidly becoming central to CIO and risk officer agendas.

Across both days, panels also explored how AI can reduce backlog in financial institutions, with Santander UK’s Head of AI demonstrating measurable impact on operational efficiency, and tackling tech debt at scale—a perennial challenge heightened by the influx of automation projects.

Key takeaway: AI’s role has shifted from emerging trend to core enterprise infrastructure, but success now hinges on responsible implementation, observable outcomes, and regulatory alignment.

Digital Transformation & Core Banking Strategies

Transforming legacy systems was another anchor topic. The Digital Transformation stage hosted robust discussions around neobanks and challenger strategies, with executives from TSB Bank and HSBC highlighting how incumbents are adopting agile ways of working while balancing risk and customer expectations.

The session “All In on Legacy? Driving Time to Market Without Big-Bang Migrations” resonated with many practitioners: incremental modernisation beats wholesale lift-outs when prioritising stability and customer continuity.

Another practical highlight, “Engineering Productivity Measurement: Traditional Bank to UK’s Largest Fintech,” narrated the journey of building measurable engineering benchmarks to align business goals and product delivery.

Key takeaway: Attendees left with a reinforced understanding that successful transformation blends cultural shift, incremental modernization, and strategic tech investment—not hurried replacement of core systems.

RegTech & Ethical Compliance: Balancing Innovation with Governance

RegTech, Compliance & Security sessions tackled the tension between rapid innovation and tightening regulatory guardrails—a debate central to fintech scaling.

A standout session titled “Ethical AI in Regulatory Technology: Balancing Innovation & Compliance” featured voices from governance, compliance and data-ethics functions. Panelists discussed strategies for embedding fairness, bias mitigation and traceability into machine-assisted workflows—a crucial step for institutions deploying automated decisioning.

Another forward-looking talk, “How Quantum Innovation Will Redefine Regulatory Operations,” examined how future computing paradigms could reshape compliance tooling and data verification—but also stressed the need to prepare today’s infrastructure for tomorrow’s disruptions.

Key takeaway: Compliance isn’t just a cost centre; speakers argued that robust RegTech can be a competitive advantage, reducing risk while enabling faster scaling.

PayTech & eCommerce: Securing the Digital Commerce Era

The PayTech & eCommerce stage delivered insights on securing payment flows and shaping the next wave of commerce innovation.

In “Emerging Global Tech Trends in Payments & Cash Management,” HSBC’s payment leaders unpacked how real-time rails and open APIs are influencing cross-border flows. Fintech Connect 2025

The panel “Transforming Payment Security with AI” brought together payment experts and academics to examine fraud detection innovations—AI-enabled risk scoring, adaptive authentication and cooperative intelligence sharing—as a defence against evolving threats. Fintech Connect 2025

A later session on “Tackling Cyber Threats in a New Era of Digital Payments,” addressed real-time threat detection, third-party risk and securing complex ecosystems, underscoring cybersecurity’s front-and-centre role for digital commerce. Fintech Connect 2025

Key takeaway: Payments remain fertile ground for innovation, but trust and security are foundational determinants of user adoption and ecosystem resilience.

Tokenisation & Blockchain: Institutional Pathways Ahead

The Tokenize: LDN co-located stage brought in robust debate around real-world asset (RWA) tokenization and Web3 infrastructure—not as fringe buzzwords, but as emerging institutional tools.

Panels like “Bridging the RWA Infrastructure Gap” unpacked regulatory friction points and scaling challenges, highlighting custody risk, compliance complexity and standardisation needs—critical prerequisites to institutional adoption.

Another session on “Expanding Investment Opportunities With Fractional Ownership” featured cross-sector thought leaders, including Dr Lisa Cameron (MP & Crypto APPG Chair), exploring how tokenised assets can democratise access to traditionally illiquid markets.

Web3 panels examined trust, privacy and compliance in blockchain ecosystems and navigated the practicalities of smart contracts and decentralised identities—topics that are rapidly gaining traction with enterprise adopters.

A key session, titled Blockchain and CBDCs: At the Heart of Public Transformation? featured NatWest’s Head of Group Payment Strategy Lee McNabb, EY’s Emerging Tech & Innovation Leader Igor Mikhalev and Joy Adams, COO for Digital Assets at Deutsche Bank. A lively debate chaired by CommerzBank’s Poonam Ahuja examined the pros and cons of digital currencies and the rise of stablecoins.

Key takeaway: Tokenisation is still nascent, but panels stressed it’s transitioning into a practical institutional infrastructure conversation, with regulatory clarity and integration tooling cited as catalysts for broader uptake.

Startup Innovation & Demo Highlights

The Innovation & Start Up stage and Start-Up LaunchPad provided rapid-fire exposure to emerging companies pushing the frontier.

Live demos included:

  • DaMoney.ai, showcasing AI-guided compliance workflows;
  • Narrative, an AI-native engagement platform for SMEs;
  • Profylr, offering comprehensive consumer duty landscapes analytics;
  • 3AI, demonstrating self-learning investment intelligence models.

These sessions were among the most interactive parts of the show, with founders directly answering questions on integration, compliance and product-market fit.

Key takeaway: Startups revealed solutions that dovetail with enterprise needs—especially around AML automation, customer engagement and data orchestration—making them compelling partners for larger financial services buyers.

Networking, Community & Celebration

FinTech Connect didn’t just deliver talks; it facilitated dense networking across peer groups, investors, regulators and tech leads. The AI-powered networking app helped attendees pre-book conversations and tailor agendas, turning serendipity into structured discovery.

The 10th anniversary celebration—complete with drinks, a Christmas Market theme and live entertainment—reinforced the community aspect and capped the event on a high note.

Conclusion: A Hard-Working Fintech Forum

FinTech Connect 2025 proved to be more than a conference—it was a strategic inflection point. While technology and vendor showcases were abundant, it was the panel debates and operational talks that delivered the most actionable insight. Attendees departed with:

  • A clearer view of AI adoption roadmaps;
  • Practical frameworks for RegTech and compliance transformation;
  • Nuanced understanding of payments security and real-time rails;
  • Emerging tokenisation playbooks suitable for institutional pilots.

As FinTech leaders prepare 2026 budgets and technology plans, FinTech Connect has reaffirmed itself as a must-attend forum where strategy, innovation and regulation intersect—and where the next decade of financial services will continue to take shape.

  • Artificial Intelligence in FinTech
  • Blockchain & Crypto
  • Events
  • Host Perspectives
  • InsurTech
  • Neobanking

Author

Emma Steeley

Published

2 December 2025

Estimated Read time

5Mins

Emma Steeley, CEO of Infinian, the global real time credit intelligence bureau providing data to banks, lenders and other data businesses, explains the consequences of credit data being stuck in the past, and how banks and fintechs can overcome the mounting consequences

Despite a cost-of-living crisis and unpredictable economic outlook, too many lenders are forced to make credit decisions using information that belongs to another era. This outdated data is based on small samples, derived from national averages and historical surveys that fail to capture the volatility and diversity of financial realities defining life in the UK today.

That disconnect between data and reality harms consumers, distorts pricing, and drags on the wider economy. In short, affordability decisions are outdated before they are made. Borrowers are judged on figures that don’t reflect their actual costs, creditworthy customers are turned away, while others are approved for loans they can’t afford. Real-time, accurate, large-sample data is essential for fair and functional credit markets, and as an industry we must work to ensure decision-making is dragged into the modern day, to support the integrity of financial services and the aims of Consumer Duty for the good of financial services and consumer duty.  

Legacy Models Versus Modern Risks

For years, affordability models have relied on spending benchmarks from the Office for National Statistics (ONS) and other national-level datasets. ONS data, often sourced from the Living Costs and Food Survey, can lag real-world conditions by more than a year. It captures what households spent yesterday, not what they face today.

When models depend on national averages and retrospective surveys, they miss the nuances of how people earn and spend. Workers on variable incomes, renters, and those without long credit histories are most likely to be penalised. They may be financially stable, but legacy data can’t see that, leading to unnecessary declines and reinforcing the gap between those who can access affordable credit and those who can’t. Moreover, outdated data also increases the risk of false positives, meaning lenders may approve those who are likely to default.

False positives and negatives aren’t the only concerns, but also compliance – the Financial Conduct Authority’s Consumer Duty makes clear that firms must deliver “good outcomes” for retail customers, including through fair pricing and practical support. If lending decisions are based on incomplete or obsolete data, it becomes difficult to evidence that duty. The FCA’s own CONC 5.2A rules require a “reasonable assessment” of a customer’s ability to repay; data that misrepresents current affordability can’t reasonably support that test.

Legacy benchmarks, once a useful proxy, now risk embedding unfairness. They distort pricing, entrench exclusion, and hold back lending when the economy most needs momentum.

Gaining a True Perspective on Affordability

Fresher, more granular data is changing what responsible lending can look like. Real-time or high-frequency data streams from verified income flows, transaction activity, and recurring payment histories provide lenders with a comprehensive picture of affordability.

Unlike static surveys, these sources track actual behaviour. They show how a household’s disposable income shifts month to month, how energy or rent payments fluctuate, and how consistently people meet obligations. When used responsibly, this information enables lenders to make faster, more informed decisions that align with each borrower’s actual circumstances.

The payoff is fairer, more inclusive, and more responsible: three goals that don’t have to be in tension. Real-time credit intelligence can also help reduce unnecessary declines, extend access to consumers previously considered “thin-file,” and still maintain prudent risk controls. In other words, responsible lending doesn’t have to mean lending less; it means lending smarter.

It also helps lenders identify early signs of financial stress. If outgoings begin to rise faster than income, that signal appears immediately rather than months later, allowing firms to step in with tailored support before problems escalate. By closing the gap between reality and response, real-time data enables lenders to be both fairer to customers and more agile in managing their portfolios.

The Commercial Case for Better Data

Aside from the moral argument, and the benefits it will bring to compliance and consumer protection, there’s also commercial incentives to modernise credit data.

With access to better data, lenders can approve more of the right customers without increasing risk. Decision engines will become sharper, with improved acceptance rates and portfolio performance simultaneously.

Speed is another advantage. Consumers nowadays expect instant answers and laggy underwriting processes can make customers shift to faster competitors. Access to real-time credit data enables lenders to expedite these processes, thereby improving satisfaction and conversion rates. In a crowded market, those gains translate directly into loyalty and market share.

Basing decisions on current financial behaviours also reduces the need for unnecessary full-bureau checks and manual interventions, lowering the cost per decision and freeing up resources for higher-value activity.

Ultimately, modernisation is about competitiveness. Financial institutions, whether banks or fintechs, that invest in real-time credit intelligence today will be well-placed to earn trust, loyalty, and market advantage.

The Future of Fair Finance

Credit markets rely on accuracy, and accuracy in turn depends on timeliness. When the information behind lending decisions lags behind real life, fairness falters, capital is mispriced, and opportunities are lost.

Real-time, representative data allows lenders to extend credit responsibly, price risk precisely, and support customers before problems arise. It strengthens inclusion while improving overall performance.

In a world where household finances can change in weeks, lending models must keep pace with reality. Institutions that invest in live, comprehensive data today will set the benchmark for fair and effective finance in the years ahead.

Find out more at infinian.com

  • Artificial Intelligence in FinTech
  • Digital Payments
  • InsurTech

Author

Dan Brightmore

Published

27 November 2025

Estimated Read time

2Mins

At AWS, we’re obsessed with helping our customers harness the benefits of cloud and AI. While maintaining robust security, resilience…

At AWS, we’re obsessed with helping our customers harness the benefits of cloud and AI. While maintaining robust security, resilience and scalability. We believe the true value of he cloud is unlocked when seen as an end-to-end transformation opportunity. A chance for organisations across Asia Pacific and Japan, such as Techcombank (TCB), to seize the innovations Gen AI and Agentic AI can offer today.

According to a new AWS-Strand Partners 2025 report, AI adoption among businesses in Vietnam is growing rapidly at an annual rate of 39%. Close to 170,000 businesses in Vietnam have already adopted AI. And 77% of those businesses expect AI to increase their revenue within the next year.

Delivering Business Benefits

TCB’s journey with AWS exemplifies the transformative power of cloud and AI adoption. Spanning strategic planning and co-innovation, with a shared commitment to transformation:

  • Within six months, AWS helped TCB migrate retail and corporate banking systems to the cloud. This enabled on-demand scalability, reduced infrastructure costs, improved time to market and enhanced availability for TCB, cutting downtime.
  • By rapidly scaling infrastructure, reliably and securely, TCB has seen digital transactions grow by 38%.
  • Today, 55% of new customers now join via digital channels and 97% of transactions are processed digitally.

The AWS Data Migration Service is expected to generate projected cost savings of up to $10.4 million over five years. Driven by improved infrastructure efficiency and simplified operations.

Harnessing Gen AI & Agentic AI

Gen AI is delivering workplace transformations, including enabling contact centre agents to resolve customer concerns. TCB has established itself as a pioneer, becoming Vietnam’s first bank to develop proprietary applications using Amazon Bedrock. Initiatives include customer chatbots for employee use, advanced language translation tools, and SMARTIE – an AI personal assistant built on a custom Large Language Model (LLM).

AWS: A Trusted Partner for Cloud at Scale

AWS distinguishes itself as a transformation partner through its unique combination of global expertise, strong local partnerships, and proven implementation frameworks. This comprehensive approach enables organisations to achieve meaningful business transformation while staying at the cutting edge of technological innovation.

“By enabling financial institutions like Techcombank to innovate at scale, we’re helping create the foundation for Vietnam’s next phase of AI-driven economic growth.”

Eric Yeo, Country General Manager – AWS Vietnam

Discover more about the ways Techcombank is overcoming challenges on its transformation journey with AWS from Eric Yeo, Country General Manager – AWS Vietnam


  • Artificial Intelligence in FinTech
  • Blockchain & Crypto
  • Cybersecurity in FinTech
  • InsurTech

Author

Dan Brightmore

Published

26 November 2025

Estimated Read time

4Mins

Read in brochure format

Our cover star Scott Gunther, General Partner at IAG Firemark Ventures, reveals how the company is bringing powerful investments to…

Our cover star Scott Gunther, General Partner at IAG Firemark Ventures, reveals how the company is bringing powerful investments to life to transform the ways insurance is delivered.

Read the latest issue of FinTech Strategy here

IAG Firemark Ventures: Transforming Insurance

Scott Gunther, General Partner at IAG Firemark Ventures, tells FinTech Strategy how the company is championing key InsurTech investments to transform how insurance is delivered.

“We realised that if we were going to bring the best of the outside world in, we needed to be a truly global CVC.”

Publicis Sapient

Financial Services Director Arunkumar Gopalakrishnan tells us how Publicis Sapient is developing the playbook for delivering successful AI-led digital transformations across the financial services landscape.

“Working with Generative AI today feels like standing on a new frontier. It keeps us on our toes, but it’s also what drives us – to stay relevant, deliver outcomes and connect both worlds of business and technology.”

Techcombank

Chief Strategy & Transformation Officer, PC Chakravarti reveals the operating model, Data & AI foundations, culture and talent playbook, and the partnerships turning ambition into market leading outcomes at Techcombank in Asia.

“Tech is not the limiting factor – it’s about supporting people and talent to leverage capabilities to enhance business models.”

CIBC Caribbean

Deputy CIO Trevor Wood explains how CIBC Caribbean is blending technology, culture, and customer-centricity to deliver seamless digital experiences across the region with a ‘Future Faster’ strategy.

“We want to lead in every market we operate, build maturity across our practices and be architects of a smarter financial future for all.”

Nationwide

Dan Wilson, Head of Customer Journey at the trusted mutual, reveals the strategic ambition driving payments innovation to modernise Nationwide’s platform delivering a resilient and secure financial future for customers across the UK.

“We’re seeking to modernise the Society’s core infrastructure but also build the tools and features our customers need to help them manage their money and payments.”

Alexforbes: Transforming & Diversifying Financial Services

Chief Information Officer, Jan Bouwer, explores the work Alexforbes has undertaken to modernise and expand its financial services for its 1.2 million members and retail customers alike. “Alexforbes can now engage its 1.2 million members more directly, offering a wider range of services.”

Read the latest issue of FinTech Strategy here

  • Artificial Intelligence in FinTech
  • Digital Payments
  • InsurTech
  • Neobanking

Author

Paul Sweeney

Published

25 November 2025

Estimated Read time

4Mins

Paul Sweeney, Product Integration Officer at Aryza, explores how AI is reshaping customer engagement in credit and collections — not by replacing people, but by making every interaction more human

Today, we’re constantly bombarded with requests for our personal data, from market researchers and government census takers to supermarket loyalty schemes that demand we flash a QR code at every checkout. It’s no wonder consumers are tuning out. So, when credit and collections organisations come calling for more information, customers are already halfway to disengaging before the conversation even begins. 

From Forms to Conversations 

Today, many forward-thinking organisations are turning to conversational AI to make these interactions feel more natural and less like a chore. Instead of filling out endless forms or providing data step-by-step, AI now enables something far more natural, a dialog. The system intelligently recognising what’s already been shared and gently prompting for what is still needed. It flows better and feels less transactional and more human.  

Great customer service teams remember what you’ve told them before, pull up your files and data seamlessly, and avoid that infuriating pretence that they don’t know who you are, because let’s face it, nothing frustrates us more than companies we pay money to acting like we’re strangers. 

The Rise of Everyday AI 

Customers have long relied on tools like Google to hunt down information, adjusting phrases to get the right results. Now, generative AI has taken that habit to the next level. With platforms such as ChatGPT becoming a top five consumer application, it has started acting as a personal assistant for everything from daily decisions about what to cook for dinner to how to deal with financial dilemmas.  

For credit and collections, it’s easy to imagine the potential. Simply upload your bills, take a photo of your accounts, and ask it to prioritise payments or even draft a response to the bills you can’t cover yet. It predicts your follow-up questions, suggests next steps, and can whip up a formal letter to your utility provider explaining the delay and what you’d like to happen next. If you haven’t already tried this, do so. It’s an eye opener and a glimpse of what’s coming. In fact, the use of AI is becoming increasingly common for financial advice, as it ranks as the second most common use case (41%)  

Trusting the Machine: What the Data Shows 

A recent report by Intuit Credit Karma revealed that 66% of people surveyed have already used generative AI to seek financial guidance, with the highest adoption rates among Gen Z and millennials. It’s a clear sign of the growing level of trust in AI-driven insights, in fact, 80% of respondents said they acted on the advice received and felt it improved their financial situation. However, the findings also underscore a deeper issue, as many people are turning to AI for financial questions, they feel too embarrassed or uncertain to ask elsewhere, highlighting the ongoing need for greater financial confidence and education. 

Looking ahead, this kind of interaction will become the norm rather than the exception. Each customer will have their own form of AI assistant, one that knows their context, frames the right questions, and guides them smoothly towards their goals. 

Empowering the People Behind the Screens 

On the other hand of the equation, customer service staff are getting a major boost from AI too. Good systems now automatically tag and direct incoming messages, prioritising urgent ones from vulnerable customers over the routine inquiries. Conversations are summarised in real time, providing agents with a clear overview of what’s been discussed, how the issue is progressing, and the odds of a positive outcome. These AI tools handle the heavy lifting on volume, spotlighting complexities or trade-offs, ushering in an era where every worker has an AI co-worker. 

What kind of AI assistant would a contact centre supervisor need? How about a C-suite executive, what features would they require? And if you’re an enterprise architect, would you want part-time reps generating policy docs or asking high-level questions? Probably not. You’d insist on guardrails, strict policies, and complete auditability at every step of AI-driven interactions. Generic AI will deliver generic experiences. For supervisors and decision-makers, AI assistants will also become indispensable coordination and decision-support tools, monitoring performance across teams, flagging bottlenecks, and recommending the best subsequent actions to maintain service quality and compliance. Those that deeply understand the challenges you face across all the lending cycle are best placed to power the AI assistants that you will depend on in the future.  

The AI revolution is already here, but now’s the time for everyone to zero in on the data, its journey, and the models powering this future. Deep data architecture will be critical: each role, customer, agent, and supervisor requires access to tailored data and AI capabilities that fit their needs. That’s how we move from one-size-fits-all automation to truly personalised, intelligent experiences that improve outcomes for everyone. 

  • Artificial Intelligence in FinTech
  • InsurTech

Author

Gerry Goodwin

Published

27 October 2025

Estimated Read time

5Mins

Gerry Goodwin, VP Insurance, Western Europe at FintechOS on how InsurTech competition is forcing incumbents to modernise outdated systems

Digital-first upstarts that have built their operations around modern technology stacks from day one are placing competitive pressure on the traditional insurance industry. Lemonade and Root Insurance have demonstrated that seamless, instant experiences are possible for insurance, from quote to claim. In the UK market, Marshmallow has similarly disrupted traditional motor insurance by leveraging AI and modern data analytics. They appeal to underserved communities with personalised pricing and streamlined digital experiences. These modern insurers operate with dramatically lower cost bases and faster product development cycles than traditional carriers.

This disruption is an urgent imperative for modernisation among traditional insurers. Legacy players are caught between rising customer expectations for slick digital experiences driven by other financial verticals and the limitations of decades-old infrastructure. The result is a widening capability gap that threatens market share, profitability and ultimately survival. Most industry discussions focus on modernisation as a defensive response to competition. However, an equally compelling but less discussed strategic dimension is preparation for M&A opportunities.

Modernising Insurance is a Must

Mergers and acquisitions in insurance are notoriously complex. Integrating product portfolios, claims histories and policyholder data across multiple lines and regulatory environments can be fraught with risk. The technical reality of merging legacy platforms often determines whether acquisitions deliver their promised value. Or become costly technical quagmires that stall innovation for years.

The potential challenges become even more pronounced when considering major legacy players. The rumoured clash of technical complexities between Aviva and Direct Line Group, both legacy giants with significant technical debt, exemplifies this. Merging outdated systems can create integration nightmares. These can compound existing inefficiencies. Such combinations risk creating even more complex, fragmented technology estates that become increasingly difficult to modernise.

Davies Group recently secured £275 million for M&A and generative AI investment. This demonstrated that consolidation and digital transformation should be pursued in parallel. Consolidation is accelerating across the insurance industry. Carriers are discovering that reliance on outdated technology stacks doesn’t just hamper competitiveness; it makes them toxic acquisition targets or ill-equipped acquirers. According to ACORD’s 2025 Insurance Digital Maturity Study, only 25% of top insurers have truly digitalised their value chain. Furthermore, over half still exploring how to apply digitalisation to their business models.

Legacy Systems Limit M&A 

Most insurers’ IT environments are dominated by legacy systems that consume the majority of their resources. PwC estimates that 70% of an insurer’s annual IT budget is spent on maintaining these legacy systems. This leaves little room for innovation or strategic initiatives. While legacy infrastructure may appear inexpensive on paper, acquirers often discover upgrading or replacing core business systems post-merger requires substantial investment. This can erode the ultimate value of the deal or even derail transactions.

A 2025 industry survey found 46.4% of insurers cite inflexibility to adapt to market changes as the most significant limitation of their current core systems. This is closely followed by integration challenges with new technologies (45.5%) and high maintenance costs (44.5%). These challenges are not just technical; they directly impact M&A outcomes. Data consolidation becomes exponentially complex when bridging inflexible legacy systems with modern platforms. Even when dealing with standard data structures, product definitions and customer identifiers.

Modern Technology Accelerates Deal Flow

Insurers are increasingly viewing technology through an M&A lens. The critical question has shifted from “Is this system good enough to run the business?” to “Would a buyer be able to integrate this system with minimal friction?”. Modernisation is now a core rationale for many, with forward-thinking insurers proactively upgrading systems to reduce complexity and improve interoperability.

This approach works. The latest tranche of modernisation, including the robust integration of AI capabilities, can reduce annual expenses by as much as $480 billion in property and casualty insurance and $300 billion in life insurance globally. Internally, modernisation improves operations and accelerates innovation. Externally, it signals digital maturity and business agility, qualities that enhance an insurer’s appeal and can increase its valuation in competitive acquisition scenarios.

Private equity firms are particularly attuned to the importance of digital maturity. In 2025, 82% of PE-backed insurance consolidators reported focusing on enhanced technology and insurtech capabilities post-acquisition, aiming to avoid the time and cost of transformation while rapidly building market share. For example, Munich Re’s $2.6 billion acquisition of Next Insurance was driven by a strategy to acquire digital capabilities, not just market share.

Meanwhile, strategic acquirers, such as Gallagher’s $1.2 billion purchase of Woodruff Sawyer, reflect a focus on operational gains and scale. Both PE and traditional insurers agree 52% of buyers expect significantly more emphasis on technology due diligence over the next two years. This underscores the centrality of digital readiness in dealmaking.

Cross-Business Value Creation

Modernising legacy systems to become acquisition-ready also opens the doors to a broader pool of potential acquirers. An insurer with digital infrastructure can attract interest not only from traditional players but also from reinsurers and private capital seeking to build scalable platforms in niche segments like embedded insurance or SME cover. A well-executed modernisation programme empowers insurers to court acquisition interest or pursue joint ventures, partnerships, or IPOs from a position of strength.

Modernisation has progressed from a back-office IT concern to a strategic enabler of business growth and M&A success. The lower the barriers to an insurer being absorbed into a larger platform, the more attractive it becomes as a target. As the insurance sector’s digital transformation accelerates, those who modernise today will be in pole position for tomorrow’s deals.

  • InsurTech

Author

Dan Brightmore

Published

15 October 2025

Estimated Read time

5Mins

Five Insurtech companies poised to lead the market in 2026 — firms that combine scale, innovation, and resilience in one of the world’s most complex financial industries

As we approach 2026, the global insurance landscape continues to be reshaped by InsurTech innovators combining data, AI, and embedded finance to deliver faster, more transparent, and customer-centric insurance experiences. From underwriting automation to embedded protection and climate-risk modeling, these next-generation firms are redefining how risk is managed and distributed.

1. Shift Technology — AI-Driven Decisioning at Scale

Paris-based Shift Technology has emerged as a global leader in applying artificial intelligence to insurance decisioning — from fraud detection to claims automation. The company’s latest evolution, Shift Claims, leverages agentic AI models that can interpret complex policy data, assess claims, and detect anomalies faster than traditional systems.

Insurers using Shift’s technology are cutting processing times dramatically while improving fraud detection accuracy. With the launch of new AI-powered products designed for both underwriting and claims management, Shift is positioning itself as a core technology partner for global insurers modernising their infrastructure.

Why it matters: As AI regulation matures in Europe and beyond, Shift’s explainable AI models could set the standard for compliant automation in insurance operations.

Key challenge: Scaling these intelligent systems across legacy insurer environments — where data silos and outdated IT stacks remain the norm.

🌍 2. bolttech — Building the Embedded Insurance Ecosystem

bolttech, headquartered in Singapore, is one of the fastest-growing insurtech firms in the world. It operates as a technology-enabled insurance marketplace, connecting insurers, distributors, and consumers through a network that spans more than 35 markets.

Its embedded insurance solutions allow non-insurance brands — from e-commerce sites to telcos — to offer insurance products at the point of sale. This model aligns perfectly with digital commerce growth trends and customer expectations for frictionless protection.

In 2025, bolttech was named among the world’s top 100 insurtech innovators, underscoring its leadership in distribution technology.

Why it matters: Embedded finance is becoming a trillion-dollar global market opportunity, and bolttech’s API-driven platform is at the centre of it.

Key challenge: Sustaining profitability and navigating regulatory differences across dozens of jurisdictions while maintaining customer trust.

3. Parsyl — Smart Insurance for the Global Supply Chain

Denver-based Parsyl is redefining insurance for the logistics and marine sectors through IoT and data-driven risk assessment. The firm provides coverage for perishable and temperature-sensitive goods — using real-time sensor data to monitor shipments and proactively prevent losses.

As climate change and supply-chain disruptions intensify, Parsyl’s combination of data analytics and specialty insurance positions it uniquely in a high-value, under-served niche. Investors, including The Lightsmith Group, see its model as a blueprint for climate-resilient insurance.

Why it matters: Parsyl bridges the gap between traditional insurance and risk prevention — giving clients visibility, not just coverage.

Key challenge: Expanding from niche segments into mainstream marine and freight insurance markets while maintaining data integrity and regulatory compliance.

4. Weecover — Insurance as a Service for Europe

Spain’s Weecover is an emerging star in the Insurance-as-a-Service (IaaS) and embedded insurance ecosystem. Its platform enables retailers, fintechs, and e-commerce businesses to easily integrate insurance offerings into their digital flows through APIs.

In early 2025, the company closed a €42 million funding round led by Swanlaab and Nauta Capital, signalling investor confidence in its scalable platform model. With its focus on simplicity, flexibility, and compliance, Weecover is fast becoming a go-to solution for European businesses looking to embed protection products into customer journeys.

Why it matters: As Europe pushes for greater digital financial inclusion, Weecover’s B2B distribution model could make insurance more accessible to millions.

Key challenge: Ensuring consistent underwriting quality across diverse markets and managing regulatory complexity as it scales across the EU.

5. Counterforce Health — AI Meets Claims Advocacy

Launched in 2025, Counterforce Health is tackling one of the most persistent pain points in U.S. healthcare: insurance claim denials. The company uses AI and data analytics to help patients and providers navigate appeals, identify errors, and challenge wrongful denials.

In an era of escalating healthcare costs, Counterforce Health’s technology-driven advocacy model blends social impact with insurtech innovation, offering a fairer and faster route to claim resolution. If successful, it could redefine how consumers interact with insurers in one of the world’s most complex insurance systems.

Why it matters: Counterforce’s AI tools could significantly reduce administrative waste and improve transparency in health insurance.

Key challenge: Winning trust from both insurers and healthcare providers while navigating strict health data regulations.

The Future of Insurtech: What Will Define 2026

As 2026 approaches, the insurtech sector will pivot from hype to sustainable, revenue-driven innovation. The next wave of leaders will stand out not just for their technology, but for their ability to:

Achieve profitability at scale — growth must now translate into viable margins.

Master regulatory complexity — especially in multi-jurisdiction and cross-border operations.

Integrate deeply with ecosystems — through APIs, partnerships, and embedded finance.

Leverage ethical, explainable AI — ensuring compliance and consumer confidence.

Deliver measurable impact — whether through climate resilience, accessibility, or healthcare fairness.

    The insurance industry’s digital transformation is entering its most critical phase. The InsurTechs leading the charge — from Shift Technology and bolttech to Parsyl, Weecover, and Counterforce Health — exemplify how innovation, data, and purpose can combine to reshape an entire sector.

    By 2026, these firms won’t just be “startups to watch” — they’ll be the blueprints for how the insurance industry of the future operates: smarter, fairer, and more connected than ever before.

    • InsurTech

    Author

    Dan Brightmore

    Published

    17 September 2025

    Estimated Read time

    3Mins

    Revolutionary integration ensures real-time policy verification, combats document fraud, and boosts trust in the supply chain

    Business Choice Direct (BCD), a leading insurance provider to the transport and logistics industry, has announced a groundbreaking partnership with Trustd, the government-certified digital identity platform for transport and logistics. They launch the logistics sector’s first use of verifiable insurance credentials. This platform facilitates digital proof of valid insurance which can be instantly confirmed by any third party. Whether a fleet owner, freight forwarder, or shipper.

    Traditionally, insurance documentation relied on physical or emailed copies. These were easily outdated or manipulated, leaving carriers, subcontractors, and freight businesses vulnerable to fraud. In many cases, invalid or refunded insurance policies are mistakenly accepted because there’s no easy way to verify them when they are presented as proof of cover. Figures from BCD renewal statistics 2025 show that on average almost 30% of insurance policies are cancelled per month. Whilst not all of these cancellations are due to fraudulent activity, this statistic highlights the significant volume of potential risks that could have gone undetected by manual paperwork processes.

    The Trustd and BCD Partnership

    Through integration with Trustd, BCD policyholders can now generate secure, real-time verifiable credentials. These provide instant verification of valid insurance coverage, accessible and confirmable by any third-party. Including fleet owners, freight forwarders, or shippers, at any time. The insurance details can be instantly authenticated through secure digital channels, ensuring full transparency and reliability. In addition, the credentials are portable and tamper-proof and can be checked without relying on phone calls or visual inspections.

    These digital insurance policies benefit over 10,000 logistics businesses on the TEG platform, one of Trustd’s flagship customers. This is achieved by providing instant updates if a policy is cancelled or expires, allowing quick action without confusion. This prevents instances of fraud and unauthorised carriers moving freight without the correct insurances. 

    The First Industry Compliance Tool for Insurance 

    “This is a game-changer for insurance verification in logistics,” said Tristan Scaife, Director of Commercial at Business Choice Direct (BCD). This is the first time the logistics industry has access to real-time confirmation that a courier genuinely holds the right insurance. Through our partnership with Trustd, we’ve eliminated the uncertainty that risk and compliance teams have faced for years. No more guesswork, just instant, verified proof. We’re proud to be the first insurer to offer this capability with Trustd. Ensuring our customers’ credentials are both secure and effortlessly verifiable”. 

    A Breakthrough for Trust, Safety, and Transparency in the Sector

    For drivers and carriers, this means an easy way to share and verify your insurance with anyone or any company for transport work.

    For businesses, it offers a reliable and seamless method to ensure every policy presented is current and valid. Minimising risk, improving compliance, and streamlining operations.

    Scaife continues: “In terms of our partnership with TEG, we can offer exclusive savings and drivers can be confident that everyone on the platform and insured with BCD, is a Trustd courier. We’re proud to offer exclusive insurance discounts to Trustd users who choose to verify their credentials digitally”.

     “I’ve always known providing credible documents can be a challenge, so this integration with BCD is exciting. Together, we’re pioneering innovation in logistics by solving problems that have existed for decades. This partnership with BCD is just the beginning. Our platform is designed to support a growing network of credential issuers, creating a single source of truth for all the verifiable credentials that carriers and drivers need. It’s a win for everyone, from fleet operators to individual drivers.”

    Lyall Cresswell, Founder & CEO of Trustd

    Once launched, this solution will be available to all TEG users with a BCD-issued policy.

    About Business Choice Direct

    Business Choice Direct (BCD) is a specialist insurance broker offering tailored cover for professionals in the transport, courier, and logistics industries. With expert advice and competitive pricing, BCD helps small and large businesses stay protected on the move.

    About Trustd

    Trustd is the first government-certified digital identity management platform designed specifically for transport and logistics. It digitises key industry documentation into secure, verifiable profiles that enhance trust and security across the supply chain.

    • InsurTech

    Author

    Dan Brightmore

    Published

    9 September 2025

    Estimated Read time

    3Mins

    CI&T and Reuters Events report – poor data quality is the biggest barrier to AI transformation, says almost ¾ of UK underwriters

    CI&T, a global AI and tech acceleration partner, has released new research highlighting the AI opportunity in the UK. The report, created alongside Reuters Events, reveals poor data quality, rather than technology limitations, is the number one obstacle preventing UK underwriters from accelerating AI adoption. 

    Strategising for the AI Insurance Revolution

    The report, Strategising for the AI Insurance Revolution, draws on original UK survey data and real-world case studies. It aims to uncover how insurers are tackling the AI opportunity. And what’s holding them back. Much of the market discussion focuses on technology capabilities. The findings show that data fragmentation, unstructured formats and siloed systems are the real roadblocks. The goal is to deliver faster, more accurate underwriting and pricing.

    Key Findings from the Study

    • Efficiency over personalisation: Just 15% of claims leaders believe greater personalisation will significantly improve customer satisfaction. Compared with 41% prioritising streamlined internal processes and 39% favouring a blend of digital and human touchpoints.
    • AI as a cost shield. 60% of claims leaders believe AI-led efficiency will be crucial to offset rising claim costs and premiums.
    • Sandbox before scale. Insurers are adopting Generative AI cautiously, testing in sandbox environments. This mitigates risks such as hallucinations, bias, and data privacy breaches.
    • Proven ROI in action:
    • Working with CI&T, Mitsui Sumitomo (part of Asia’s largest insurance group) saved £800,000 annually. And cut quotation times by 54% through strategic modernisation.
    • A leading Brazilian insurer cut SME onboarding time by 46%. And achieved a 26% fraud denial rate, automating 2.2 million claims.

    Mike Young, VP Insurance Industry Growth at CI&T

    “AI’s success in insurance won’t be determined by how advanced the algorithms are, but by the quality and accessibility of the data that feeds them. This research shows UK insurers are ready to innovate—but they need to get their data house in order first.”

    With deep experience in the insurance sector, CI&T has helped insurers modernise legacy systems, improve customer journeys, and achieve measurable operational gains. Central to this is CI&T FLOW, CI&T’s enterprise-grade GenAI platform. It is designed with rigorous governance and privacy safeguards so insurers can innovate without compromising sensitive data.

    About CI&T

    CI&T is an AI and tech acceleration partner. We help businesses navigate the complex, changing European technological landscape to unlock real, measurable impact with digital-first solutions. CI&T brings a 30-year track record of helping clients deliver accelerated impact through tech-integrated business solutions, with deep expertise across AI, strategy, customer experience, software development, cloud services, data and more. As one of the world’s first digital native companies, innovation is in our DNA, helping us empower clients to win by embedding digital maturity into the heart of their operations. With over 7,400 employees across 10 countries, we combine the expertise of a global business with an entrepreneurial mindset to drive transformation at scale and turn strategy into action.

    About Reuters Events

    Reuters Events is one of the largest and fastest growing events companies anywhere in the world. Reuters Events serves a diverse range of industries and places a focus on the challenges and opportunities resulting from technological and strategic innovation. Our purpose is to provide senior level executives with the trusted insight and meaningful connections they need to confidently navigate change, unlock opportunity and inform their strategy. We curate world-class events and content that are high value to our customers. For more information, visit reutersevents.com. .

    Read the full report here

    • Artificial Intelligence in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    4 September 2025

    Estimated Read time

    5Mins

    The Financial Transformation Summit (FTS), presented by MoneyNext, took place June 18-19 2025 at London’s ExCeL Centre, Royal Victoria Dock. With over 2,000 attendees, 300+ speakers, and 400 roundtables, it stood out as one of the most immersive and interactive events in the financial services calendar.

    FinTech Strategy hit the conference floor at the heart of the action delivering insights from experts across Banking, Insurance, Wealth, and Lending at Financial Transformation Summit (FTS).

    Financial Transformation Summit attendees from banking, insurance, wealth, lending, fintech, consultancy, and regulatory sectors convened for two days packed with keynotes, panel talks, immersive demos, and networking among 60+ exhibitors and startups.

    Co-located streams – Banking, Insurance, Wealth, and Lending part of themed zones – meant that ticket-holders could explore adjacent sectors fluidly across a guiding theme: culture, collaboration, and customer centricity driving tech adoption and transformation.

    Programme Highlights

    Keynotes & Panels

    1. Data Silos & Cross‑Institutional Collaboration

    A panel featuring senior leaders from EVLO, Aon, Schroders, and Brit Insurance tackled how institutions – despite collectively spending over $33 billion annually on data – still struggle to collaborate due to privacy concerns and regulation. Innovative solutions included federated learning, anonymised client IDs and consent-backed APIs.

    2. Digital Insurance via Wallets

    Anna Bojic (Miss Moneypenny Technologies) unveiled a fresh take on insurance – embedding policy and claim data into Apple/Google Wallets. The idea: dynamic customer interaction directly from smartphone wallets, enhancing real‑time engagement and retention.

    3. ESG Economics & Market Reality

    Marc Kahn (Investec) challenged ESG orthodoxy, urging firms to emphasise human and planetary wellbeing – beyond purely financial returns – to capture stakeholder trust and sustainable growth.

    4. People & Psychological Safety

    Kirsty Watson (Aberdeen Group) and Vikki Allgood (Fidelity International) underlined that technological investments are futile without organisational design and psychological safety. Allgood cited a McKinsey study revealing only 26% of leaders build teams with a sense of safety – a critical step toward innovation.

    5. Human‑Centred AI

    Monica Kalia (Planda AI) championed AI that models individual financial contexts – recognising diversity within demographic cohorts and personalizing services accordingly.

    Roundtable Experiences at FTS

    At the event’s heart were the TableTalk roundtables – 400+ small-group sessions, each led by a subject-matter expert. These were limited to six participants each, enabling deep, peer-led discussions on themes like:

    • AI in risk and compliance
    • Open banking integration
    • ESG data standards
    • Cyber resilience
    • Change management and culture adaptation

    Attendees consistently praised their interactive nature – far removed from the stage‑focused “listening” format often critiqued at other conferences.

    Demonstrations & Exhibitor Showcase

    Over 60 exhibitors presented tech-driven innovations: Generative AI, open‑banking APIs, ESG reporting tools, embedded finance solutions, and more. A few standouts were:

    • CRIF highlighted AI-powered credit scoring with ESG overlays – promising dynamic risk assessments backed by sustainability data
    • Emerging FinTechs demoing AI compliance engines, digital wallet insurance packaging, and data-sharing platforms
    • Hyland demonstrated the intuitive end-user experience of its Hyland Content Innovation Cloud™ and showed how easy it is to configure, tailor and deploy solutions that can empower key stakeholders across any business

    The demo zone allowed engaging, hands-on exploration and real-time Q&As; it complemented the content with practical insights.

    Standout Themes & Strategic Insights

    1. Tech is Not Enough Without Culture

    Recurrent messaging emphasised that culture, trust, governance, and psychological safety are foundational – not secondary – to digital initiatives. Technology alone won’t deliver transformation without a people-first mindset.

    2. Cross‑Sector Data Collaboration

    Despite heavy investment, institutions still operate in silos. Shared, secure infrastructure and regulatory-aligned frameworks are being prototyped, but broad adoption remains a work in progress.

    3. AI-as-a-Personalisation Backbone

    AI is shifting from automation to empathy. Organisations showcased tools to hyper-personalise offers yet maintain privacy and inclusion – moving beyond outdated demographic frameworks into genuine behavioural understanding.

    4. Embedded Finance & Digital Wallets

    Insurance via wallet applications and embedded finance models point to seamless customer journeys – less app hopping, more value delivered at the point of need.

    5. Rebalancing ESG & Profit Metrics

    Speakers emphasised integrating ESG factors into performance metrics – not just for compliance, but as an operative advantage anchored in long-term stability and stakeholder trust.

    Who Should Attend FTS Next Year?

    Ideal for:

    • Transformation and change leaders
    • CTOs, CIOs, and Heads of Innovation
    • Data and AI strategists
    • Operational and HR leaders focused on culture
    • FinTech innovators and solution providers

    If you’re crafting digital transformation strategies, an attuned leader in financial services, or a consultant embedding tech in legacy environments, this summit provides rich, actionable content.

    Expect next year’s event to build on this foundation:

    • More AI-specific tracks, possibly Generative AI streams
    • ESG deep-dives with case studies on implementation
    • Expanded regulator involvement around data governance and cross-border compliance

    FTS: Final Verdict

    Overall, the FTS 2025 delivered on its brand promise:

    • Interactive and inclusive: 400 roundtables empowered voices across levels.
    • Cross‑sector learning: Banking, Insurance, Wealth, and Lending streams offered both breadth and depth.
    • Insightful keynotes: Big ideas on AI, ESG, data-sharing, and culture were well-explored.
    • Real-world relevance: Exhibitor demos connected theory with practice.
    • Networking with purpose: Opportunities to engage, learn, and collaborate were abundant.

    The Financial Transformation Summit struck a compelling balance between big-picture vision and granular, execution-level insight. It emphasised that while technology enables; culture, customer centricity and collaboration drive real progress. The format – with its roundtables, demos, and keynotes – offered a dynamic platform for knowledge exchange.

    If you attended, chances are you left with practical next steps. If you didn’t, you missed one of the most interactive, future-focused events shaping financial services transformation today.

    • Artificial Intelligence in FinTech
    • Digital Payments
    • Embedded Finance
    • Events
    • Host Perspectives
    • InsurTech

    Author

    Dan Brightmore

    Published

    6 August 2025

    Estimated Read time

    6Mins

    Read in brochure format

    FinTech Strategy speaks with Jonas von Oldenskiöld, Head of Partnerships at Qover, about the future for the insurance industry

    Financial Transformation Summit 2025 EXCLUSIVE

    At Financial Transformation Summit, Jonas von Oldenskiöld, Head of Partnerships at Qover, spoke on a panel (alongside peers from Davies Group, Accenture, Superscript and YuLife) entitled ‘Bridging the Gap: How InsurTech is Reinventing Traditional Insurance Processes’.

    Following the panel, we spoke to Jonas to find out more…

    Hi Jonas, tell us about your role at Qover?

    “I’m the Head of Partnerships at Qover. We are focused on embedded insurance. We try to enable that for a lot of different players in the markets. Everything from motor insurance, SMEs, going the whole way down to simple things like classes[1]  such as travel, trying to be the enabler between the typical risk carrier and the distribution platform.”

    You spoke on a panel at the Summit about InsurTech innovation. Give us an overview of your thoughts…

    “It was a very interesting group of people on the panel coming from different angles across the industry. And the key things for me were around where InsurTech needs to go now and how it enables insurance companies at this point in time. The common understanding was that we, the InsurTechs, come from being disruptors to being more of a force into them where we can plug in and help them to change a little bit the behaviours that are currently going on. Being that catalyst in the organisation and helping them to drive innovation. Because I think a lot of large organisations have realized that innovation cannot be driven by a single hidden team somewhere, it needs to be driven from a business perspective.”

    Why is this an exciting time for Qover?

    “I think there are many reasons. Of course, you cannot be at an event like this without speaking about AI and the opportunity that gives to us. Also, we’re seeing a generational shift. The industry needs to get ready to service a completely different type of customers going forward and that will drive a lot of exchanges we’ll see in the next couple years.”

    “I think a key one is to be able to navigate the future role of AI regulation. That will be very interesting to see what opportunities are there and what opportunities would be possible to use. More importantly, I think it is taking data from something, using data from something that is good to have, to really put it in the forefront of the operation to start planning your business process from a data perspective. This is the data that we need to have in order to deliver a good product rather than having data as the outcome of the whole process. You have set up and try to do something from that perspective. So, we need to turn the table on that.”

    What other pain points your customers are experiencing that you need to address? What are they asking you for help with? How are you meeting the challenge?

    “They particularly need help with the UX and how to deliver the product. I think the underlying product itself doesn’t change so much, but it’s a lot about the delivery, making sure that it actually does get delivered at the point in time that we like to call events driven. So, for us it is distributing insurance when you have a life event, if that is having a child, buying a car, buying a house or whatever it might be, data can help us to drive that. So, for us it’s very much around the delivery rather than the product underneath.”

    Tell us about a recent success story…

    “We’re very proud that we now have several new motor programmes in place where we have been working with large motor organisations that have realized that they’re not only selling a car, they’re selling a means of transportation and convenience, which also then includes insurance across that whole journey. We recently announced partnerships with both Volvo and BMW. And we have more in the pipeline. So, I think that has been a great success where large established industries have realised they need to go further in order to have that UX design.”

    What’s next for Qover? What future launches and initiatives are you particularly excited about?

    “In 2025, our focus is on expanding into more new verticals. We are involved in driving that engagement to see where we can expand. We started traditionally with a lot of the travel organisation and bike providers. We’re now working with neobanks[2] , traditional banks and the motor industry. I also see more opportunities in areas like utilities, in SME supporting functions, everything from accountancy to data provision and being a software provider. These expansions will be the goal over the next 24 months.”

    Why do you think the evolution of collaboration between industries and InsurTechs is set to continue? What are you excited about?

    Partnerships is one of the key things changing the insurance industry. We still have some very large players around. They’re fulfilling their function, and they do it very well. But in order for them to adapt into the new situation, partnerships are important. You always need to be able to work at scale, which is important for them. Of course, with a partnership you lose a little bit of control compared to acquiring something or developing it yourself. But on the other hand you win on the speed to market and potentially also on the cost side. So, for me, the winners will be the ones that can handle partnerships in the right way. And at the end of the day, a partnership is a relationship. You can have as many contracts as you want, but it comes down to people.”

    Why Financial Transformation Summit? What is it about this particular event that makes it the perfect place to embrace innovation? What’s the response been like for Qover?

    “We get a lot of good feedback and the great thing with events like this is that you have the chance to do networking both informal and formal. You’re having a formal agenda but also have a chance to rotate around. I always make sure to join the sessions and round tables. It has been interesting to speak to peers across the industry. It’s a good way of getting away from the desk and finding some new inspiration.”

    Learn more at qover.com

    About Qover

    Embedded insurance orchestrators… We’re creating a global safety net with insurance,

    empowering people to live life to the fullest.

    Qover was founded in 2016 by Quentin Colmant and Jean-Charles Velge. From the very beginning, our co-founders had a clear vision of the future of insurance: a simple, transparent and accessible service across borders.

    Through embedded insurance, we can create a global safety net that protects everyone, everywhere. To that end, our embedded insurance orchestration platform enables any company to harness the power of technology to embed insurance as a native component of or add-on to their core product or service.

    In doing so, embedded insurance becomes a powerful tool for businesses to enrich their value proposition, enable their success and care for their community.

    Author

    Dan Brightmore

    Published

    31 July 2025

    Estimated Read time

    4Mins

    Read in brochure format

    Our cover star Rebecca Fitzgerald, Director of Data & AI at Yorkshire Building Society, reveals a digital transformation journey meeting…

    Our cover star Rebecca Fitzgerald, Director of Data & AI at Yorkshire Building Society, reveals a digital transformation journey meeting customers, wherever they are.

    Read the latest issue of FinTech Strategy here

    Yorkshire Building Society: Data, AI & Inclusive Leadership

    Our cover story focuses on the data revolution taking place at Yorkshire Building Society (YBS)… Navigating this journey of change is Director of Data and AI, Rebecca Fitzgerald. Her ambitious vision is to transform the 160-year-old mutual through ethical, human-centred data strategies and AI innovation. In a rapidly evolving digital landscape, she aims to ensure YBS does not just keep up but leads from the front.

    “I’m accountable for developing and implementing strategies to enhance data-centricity and drive value from data and AI for our customers and colleagues,” Rebecca states. This directive is grounded in strong governance, positive data culture, and the empowerment of people through data literacy and technological upskilling.”

    Tyme Group: Scalable Global Digital Banking

    Dietmar Bohmer, Chief Analytics Officer at Tyme Group, on operationalising innovation, cultivating a culture of empowerment and driving transformation from the inside out…

    “It’s been wild ride from a technology point of view,” admits Dietmar… Today, that foresight is paying off. The cloud-native architecture has provided Tyme with the elasticity, resilience, and speed it needs to support its rapid growth across emerging markets. “With each new deployment, the organisation has evolved and refined its technological foundation,” notes Dietmar. “When the time came to launch GoTyme Bank in the Philippines, lessons learned from the rollout of TymeBank in South Africa enabled the team to rethink and redesign their stack, optimising for scale, performance, and localised feature delivery.”

    ČSOB: A Digital Transformation Journey

    ČSOB Slovakia is undergoing a major transformation aimed at future-proofing its technology, enhancing customer experience, and reinforcing its leadership in digital banking. Under the stewardship of its CIO Ludek Slegr, the bank’s IT team is navigating a major upgrade of its responsibility, overhauling core IT systems and implementing agile methodologies to meet its strategic goals. At the heart of this transformation is a focus on delivering value through technology, supporting people development, and fostering sustainable innovation.

    “The next step for digital-first is continuous improvement of straight-through processing ratio, i.e. reducing involvement of manual work in our processes.”

    Money20/20 Europe

    FinTech Strategy also reports from the conference floor at Money20/20 Europe in Amsterdam. Bringing together the world’s leading innovators, institutions, investors, and influencers from across the FinTech and financial services spectrum, more than 8,000 delegates from over 2,300 companies were in attendance… We sat down with Standard Chartered’s Head of Digital Assets – Financing & Securities Services, Waqar Chaudry, to discuss how the bank is connecting traditional with digital, collaborating with FinTechs and taking a measured approach to entering the crypto market. And we spoke with Veritran’s CMO, Jorge Sanchez Barcelo, to find out more about the tech firm’s partnership with Manchester City which is reimagining CX to create a frictionless digital experience for fans.

    Financial Transformation Summit

    The Financial Transformation Summit at London’s ExCel is one of the most immersive and interactive events in the financial services calendar. As a media partner, FinTech Strategy took the temperature of industry innovation at our stand with on camera hot takes from the tech leaders pushing the boundaries at Hyland, Fidelity, HSBC, Citigroup and more…

    Also in this issue, we keep you up to date with the key FinTech events across the globe; and read on for more insights from InsurTech disruptors Qover, lending innovators iwoca and investment experts Eastern Horizon…

    Read the latest issue of FinTech Strategy here

    • Artificial Intelligence in FinTech
    • Blockchain & Crypto
    • Cybersecurity in FinTech
    • Digital Payments
    • Embedded Finance
    • InsurTech
    • Neobanking

    Author

    Dan Brightmore

    Published

    28 July 2025

    Estimated Read time

    3Mins

    Read in brochure format

    Our cover story charts the rise of RAKBANK in the UAE driven by agile practices and a people-first culture delivering…

    Our cover story charts the rise of RAKBANK in the UAE driven by agile practices and a people-first culture delivering banking with a human touch.

    Read the latest issue of FinTech Strategy here

    RAKBANK: A Banking Transformation in the UAE

    Our cover story explores the digital transformation journey of RAKBANK in the UAE. Head of Digital Transformation, Antony Burrows, reveals the agile practices, enterprise-wide enablement and people-first culture delivering digital banking with a human touch.

    “Culture is the cornerstone,” Antony stresses. RAKBANK codifies this into its Four Cs Framework – Connect, Communicate, Collaborate and Celebrate. “Here in the UAE, banks are pivoting from a model of ‘we know everything’ to recognising that one of the best ways to deliver continuous change and value to customers is through partnerships with startups and FinTechs. It’s no longer banks versus startups – it’s banks and startups, working together for the customer. This shift is especially meaningful as banks expand beyond traditional services to focus on customers’ broader financial lives.”

    MTN MoMo: Empowering Africa Through FinTech

    Hermann Tischendorf, Chief Information & Technology Officer at MTN MoMo (the telco’s mobile money division) reveals a bold roadmap for leveraging FinTech to drive financial inclusion across the African continent.

    “MoMo is comparable in monthly active users to some of the top ten FinTechs globally. We’re playing in the same league as Revolut or Nubank – but in much more complex markets,” notes Hermann. “Access to financial services is fundamental. Without it, people are excluded from the global economy. Our services are the equaliser allowing individuals in frontier markets to participate in trade, store value, and ultimately improve their quality of life.”

    Republic Bank: Building a Digital Bank

    Republic Bank has been serving customers via its branches for over 185 years and now serves 16 different countries across the Caribbean and beyond. It’s “a regional bank with a growing global reach,” explains Group Chief Information & Digital Transformation Officer, Houston Ross.

    His team is building a digital bank during a Year of Delivery and Accountability (YODA). “When we talk about digitalisation it’s a journey that never ends. And product is the vehicle to make sure we’re continuously improving.This is our digital pathway and we have to change minds in terms of going beyond the challenges to achieve what’s possible with the right frameworks, tools and processes for our people to serve our customers.”

    Also in this issue, we keep you up to date with the key FinTech events across the calendar and read on for insights from Lloyds Banking Group, Recorded Future, AAZZUR, Ayre Group, Marqeta, SCOR and TerraPay.

    Read the latest issue of FinTech Strategy here

    • Artificial Intelligence in FinTech
    • Blockchain & Crypto
    • Cybersecurity in FinTech
    • Digital Payments
    • Embedded Finance
    • InsurTech
    • Neobanking

    Author

    Dan Brightmore

    Published

    22 July 2025

    Estimated Read time

    4Mins

    The insurance industry, long known for its complex processes and legacy systems, is undergoing a dramatic transformation. At the heart…

    The insurance industry, long known for its complex processes and legacy systems, is undergoing a dramatic transformation. At the heart of this shift is InsurTech – the fusion of insurance and technology – bringing faster claims, personalised policies and more efficient operations. In 2025, several tools are leading the charge. Here are five of the top InsurTech solutions reshaping the sector.

    1. Tractable – AI-Powered Claims Automation

    Tractable uses computer vision and artificial intelligence to assess vehicle and property damage in real time. With just a few photos uploaded by the policyholder, the tool can evaluate damage and generate repair estimates instantly. This significantly shortens claims processing times from days or weeks to mere hours. Tractable is already used by global insurers like GEICO and Covéa and is expanding into home insurance applications as well.

    Why it’s a game changer: It replaces manual claims inspection with automated, objective AI assessments – cutting costs and improving customer satisfaction.

    2. Shift Technology – Fraud Detection Engine

    Shift Technology offers an advanced AI platform specifically trained to detect insurance fraud. Using machine learning, it analyses claims data, historical fraud patterns, and external sources to flag suspicious activities. Its algorithms adapt over time, improving their detection accuracy.

    Key advantage: It empowers insurers to prevent millions in fraudulent claims annually, without sacrificing the customer experience for legitimate policyholders.

    3. Zego – On-Demand Insurance for the Gig Economy

    Zego offers usage-based insurance tailored to gig workers, delivery drivers, and small businesses. Its app-based platform integrates with telematics, ride-hailing apps, and work schedules to offer dynamic, pay-as-you-go coverage. This flexibility makes it ideal for freelancers and platforms like Uber or Deliveroo.

    Innovation point: Zego rewrites traditional insurance models by aligning premiums with real-time usage and risk levels – ideal for the on-demand economy.

    4. Cover Genius – Embedded Insurance API

    Cover Genius provides APIs that allow digital businesses to offer embedded insurance directly within their platforms. For example, a travel booking site can offer flight cancellation protection at checkout, or an e-commerce retailer can embed product warranty options. Cover Genius handles everything – from pricing and underwriting to claims and global compliance.

    Impact: It brings insurance directly to the customer at the point of need, improving uptake and customer convenience while opening new distribution channels.

    5. Sprout.ai – Intelligent Claims Triage

    Sprout.ai combines NLP (natural language processing) and data enrichment to automate the first notice of loss (FNOL) and claims triage process. It can pull insights from emails, documents, and databases to provide context-rich claim summaries, which are then used to assign the right workflows or handlers.

    Business benefit: Sprout.ai reduces administrative overhead and speeds up claim resolution by up to 70%, while maintaining transparency and fairness.

    Insurtech tools like Tractable, Shift, Zego, Cover Genius, and Sprout.ai are not just digitising insurance, they’re reimagining it. With AI, APIs, and real-time analytics at their core, these platforms are improving efficiency, reducing fraud, and delivering a customer-first experience. As insurers adopt these innovations, expect faster, smarter, and more responsive insurance services for the modern age.

    • InsurTech

    Author

    Dan Brightmore

    Published

    5 June 2025

    Estimated Read time

    3Mins

    The final day at Money20/20 Europe 2025 was packed with more insights on the future of FinTech, from banks to borderless innovation.

    Money20/20 Conference Themes & Tracks

    Money20/20 Europe 2025 is structured around four thematic content tracks:

    • Digital DNA – Exploring core infrastructure, platform strategies, and foundational technologies.
    • Embedded Intelligence – AI, machine learning, data strategies, and real-time analytics.
    • Beyond Fintech – Partnerships between fintechs and other sectors like retail, health, and climate.
    • Governance 2.0 – Regulation, digital identity, privacy, and ESG compliance.

    Day three featured more impactful sessions across all four pillars, offering attendees more valuable insights and strategies for innovation.

    Highlights from Key Sessions at Money20/20 Europe:

    How to Create and Leverage FinBank Partnerships

    The discussion focused on the evolution and success of FinTech partnerships with banks. Key points included the shift from transactional partnerships to more collaborative, value-driven relationships, emphasizing joint KPIs and product creation. 

    Alex Johnson, Chief Payments Officer, Nium

    “You really have to differentiate. You really have to stand out for a bank to say, ‘Yeah, I like what you offer enough to go through, six months of onboarding.’ Dare I say, maybe more.”

    John Power, SVP, Head of JVs & AQaaS, Fiserv

    “The legacy system, it’s a fact of life. They’re there. They’re pervasive. They’re going to be here for a long time, and banks historically have made huge investments in those platforms and systems. So I think both the challenge for the for the bank and the opportunity for the FinTech is, how do you at the front end of those legacy systems develop new products that can scale and that you can bring cross border easily and readily.”

    Cecilia Tamez, Chief Strategy Officer, Dandelion Payments

     “It really is cutting the line to be able to deliver opportunity for customers and to be able to expand propositions for new customers.”

    “The economic development supply chains shifting to low to middle income countries are incredibly important right now, and cross border payment rails have not been good in low middle income countries.”

    Where Fintech goes Next: Tapping into Platforms and Verticals 

    The discussion centred on the democratisation of financial services through embedded finance. The panel emphasised the importance of data quality, personalisation, and strategic partnerships in delivering seamless financial experiences – ultimately enhancing customer satisfaction and improving business efficiency.

    Hiba Chamas, Growth Strategy Consultant – Independent

    “Embedded finance is going to be defined by region and use cases.”

    Amy Loh, Chief Marketing Officer – Pipe

    “Small businesses don’t want to manage their business through a bunch of different tools that are stitched together. They’re looking to platforms to do everything for them and keep high end services.”

    Zack Powers, VP Commercial & Operations – Mangopay

    “Most platforms or merchants out there trying to diversify revenue, and they will get auxiliary revenue, or maybe get primary revenue through FinTech activity.”

    The Neobanks Strike Back

    ​​In a dynamic exploration of neobanking’s evolution, Ali Niknam revealed bunq’s remarkable journey from a tech-driven startup to a sustainably profitable digital bank. By leveraging AI across every aspect of their operations, bunq has transformed traditional banking, reducing support times to mere seconds and creating a hyper-personalised user experience. Niknam emphasised the power of user-centricity, showing how innovative features like simple stock trading and multi-language support can democratise financial services.

    The bank’s strategic approach – focusing on user needs rather than investor expectations – has enabled them to expand thoughtfully, with plans to enter the UK and US markets. By embracing technological change and maintaining a relentless commitment to solving real customer problems, bunq exemplifies the next generation of banking.

    Ali Niknam, Founder & CEO, bunq


    “Somewhere in the 70s, we let go of the gold standard, and now currencies are basically floating. The only reason why a dollar or a euro is worth what it’s worth is because of trust and perception. Philosophically, it’s very logical that we have found another abstraction layer by introducing stablecoin, which is not much else than a byte number that has a denomination currency as a backing asset that itself doesn’t have anything as a backing asset. A lot of people might ask, ‘Why would you need a stablecoin? We have euros. I go get a coffee, pay with Apple Pay or cash.’ But there are many countries on this planet where the local currency is not stable. If your country has an inflation rate of 30,000% like Zimbabwe, you would really love to use a different currency. The US dollar has been the currency of choice, but as a normal person, you cannot access the US dollar. A US dollar stablecoin that you can access by simply having a mobile phone – that’s going to be transformational for large groups of people.”

    Innovating When Regulation Can’t Keep Up: Lessons from NASA 

    Lisa Valencia covered an array of topics, from her 35 year career at NASA and Guinness World Record to the rise of private entities like SpaceX, which has launched 180 missions this year, and the increasing role of public-private partnerships in space exploration. The speaker also touched on international collaborations, particularly with the European Space Agency and the Italian Space Agency, and the potential for space tourism and colonization of the moon.

    Lisa Valencia, Programme Manager/Electrical Engineer – Pioneering Space, LC (ex NASA)

    “Back in the day, NASA got 4% of the national budget. Now it’s down to just 0.1%, so we’ve had to get creative with private partnerships. SpaceX is the perfect success story. They came to us in 2007 needing money after some rocket mishaps, and look at them now! From my balcony, I see their launches every other day. They’re planning 180 launches this year alone.Talk about a return on investment!” 

    “We’re planning to colonise the South Pole on the moon. The idea is to extract water and hydrogen from the regolith—both for living there and for fuel.”

    Scaling Internationally in 2025: Funding, Innovating, and Breaking into New Markets

    The conversation focused on the growth and strategy of fintech companies, particularly those with a strong presence in Europe and the US. The panel featured Ingo Uytdehaage, CEO and co-founder of Adyen, and Alexandre Prot, CEO of Qonto. Both leaders expressed a preference for organic growth over acquisitions, emphasizing the importance of scaling efficiently before pursuing an IPO.

    Ingo Uytdehaage, CEO and co-founder of Adyen

    “I think an important part of scaling a company is not just thinking about your product, but also considering the markets you want to address, and how you ensure you become local in each country.”

    “We realised over time that if we really want to bring the customers, we need to have the best licenses to operate. A banking license gives you a lot of flexibility.” 

    “Being independent from other companies, other financial institutions, that gives you flexibility to build what your customers really want.”

    “I think it’s very important, also in Europe, that we continue to be competitive. If you think about regulations and AI, we shouldn’t try to do things completely differently compared to the US.”

    Alexandre Prot, CEO of Qonto

    “We need to be very strict about tech integration and avoiding legacy which slows us down.”

    “We still need to scale a lot before we have a successful IPO. A few team members are working on it and getting the company ready for it. But, the most important thing is just scaling efficiently in the business, and maybe an IPO would be welcome in a couple of years.”

    Putting The F in Fintech

    The panel discussion focused on the role of women in FinTech based on personal experiences.

    Iana Dimitrova, CEO, OpenPayd

    “At times, being underestimated is helpful, because if you’re seen as the competition, driving an agenda is becoming more difficult. So what I found, actually, over a period, is that bringing your emotional intelligence, leaving the ego outside of the outside of the room, and just focusing on execution is is incredibly helpful.” 

    Megan Cooper, CEO & Founder, Caywood

    “The moment we start defining ourselves as like a female leader or a female entrepreneur, you almost kind of put yourself in a bit of a box. And so I think just seeing yourself on an equal playing field and then operating it on an equal playing field and interacting in that way is quite advantageous.”

    “We can’t just want diversity and hope it happens. We actually have to be intentional about creating it.”

    Valerie Kontor, Founder, Black in Fintech

    “Black women make up 1.6% over the FinTech workforce, but when we look at the financial reality of black women by the age of 60, only 53% of black women have enough money in their bank account to retire. We need to start marrying people in FinTech and the people that we need to serve.”

    Money20/20 Europe 2025 closed its doors but the next edition of the conference will return to Amsterdam from June 2–4, 2026, promising to continue the tradition of shaping the future of financial services…

    • Artificial Intelligence in FinTech
    • Blockchain & Crypto
    • Cybersecurity in FinTech
    • Digital Payments
    • Embedded Finance
    • Host Perspectives
    • InsurTech
    • Neobanking

    Author

    Dan Brightmore

    Published

    28 May 2025

    Estimated Read time

    2Mins

    Join 6,000+ attendees at Javits Center, New York June 4-5 for InsurTech Insights USA

    More than 6,000 of the world’s leading executives, entrepreneurs and investors will gather for the fastest-growing InsurTech conference. Improve your knowledge on challenging and strategic issues relevant to any organisation. Stay on top of future trends and seize new opportunities. Expand your toolbox and effectively solve the challenges of today and tomorrow. Join the decision makers and gain new insights from over 400 expert speakers, including representatives from AXA, MetLife, Munich Re, Gallagher and more.

    Join the InsurTech Revolution

    The insurance industry, no stranger to gauging risk, is facing one of the most disruptive periods in its history. Artificial intelligence, Machine Learning, Internet of Things, Blockchain, Data & Analytics, and other emerging technologies are enabling many startups to chip away at incumbent businesses. How can you transform, disrupt, and compete in the age of InsurTech?

    Join 6,000 attendees – from Insurers, InsurTechs and Investors – taking a strategic approach in a competitive landscape.

    Insurtechs

    • Understand the market and problems you are challenged with solving
    • Sharpen your proposition and identify what parts of the insurance value chain are ripe for innovation
    • Build awareness by networking with investors and insurance executives

    Insurers

    • Forge commercial partnerships and explore new ways of doing business
    • Learn how InsurTech fits in with your innovation agenda
    • Find where to gain competitive edge and find opportunities for growth in 2025
    • Discover how to adopt a culture that embraces innovation from the top down

    Investors

    • Meet the entrepreneurs shaping the future of insurance
    • Develop partnerships with insurance companies
    • Take the right approach in an increasingly strategic and competitive landscape
    • See where the money is going in 2025

    Book your tickets here.

    • Event Newsroom
    • InsurTech

    Author

    Liselotte Munk

    Published

    22 May 2025

    Estimated Read time

    6Mins

    Liselotte Munk, CEO at core insurance solution provider Fadata, on the benefits of InsurTech digitalisation

    Unpredictable market shifts, weather crises, and increasingly digital-only policy holders are all putting demands on the insurance industry and their ability to deliver a modern, efficient service. Insurers recognise that they need to become more agile and digital. Time-to- market is crucial. What better way to tackle these challenges, than revitalising internal IT departments and empowering them to manage digital transformation?    

    Insurance Going Digital

    Insurance digitalisation has been ongoing longer than we have seen in other industries. Thanks to a shift in mindsets, new tech talent, and a wealth of emerging technologies, digital transformation is ramping up. Insurers reclaiming control of their IT strategy, infrastructure, and execution is fuelling the InsurTech surge. The decisive step to nurture and utilise internal IT skills to enhance digital capabilities is solving many pain points. The challenges associated with traditional external implementation are being overcome. Insurers are becoming empowered with agility, reduced infrastructure expenses, and future proofing. All of which is essential to ensuring competitiveness amid the fast-paced evolution of the insurance market.

    Redefining IT’s Role in the Insurance Value Chain

    The move to strategic internalisation for digital transformation is as much a strategic and cultural decision as a technical one. Working closely with underwriting, claims, marketing, and distribution to embed digital capabilities across the entire value chain, internal IT departments foster cross-functional collaboration, turning the IT function from a support function into a business enabler. No longer operational backwaters, internal IT departments are central to business strategy. This is why insurers are recognising the need to continually enhance their IT skills to secure future-proofed technology.

    Insurance Chief Digital Officers (CDOs) are making strong business cases for high level in-house IT capabilities. They argue internalisation of digital transformation is essential for long term success. It ensures critical knowledge is kept within the business, processes are significantly more efficient, and that the cost savings are unquestionable. On top of that, it should be much easier for insurers to attract, recruit and maintain top tech talent when more engaging and strategic career paths are on offer. Ultimately, this also improves retention.

    IT transformation is also changing the nature of vendor partnerships. Instead of traditional “implementation projects,” insurers are now “onboarding” platforms, and internal teams are taking charge of leading configuration and long-term evolution. Shifting focus from one-off rollouts to continuous collaboration, insurers are teaming up with external partners that provide scalable platforms and expert guidance.

    IT and Vendor Marriage

    Insurers are adept at building substantial internal IT organisations. The complexity and regulation-intensive nature of insurance demands deep integration between technology and business processes. The appointment of high-level roles like CDOs underscores just how imperatively strategic IT is to the industry.

    At its core, the decision to internalise control of digital transformation stems from a need for greater influence over platforms that support local regulatory requirements, customer behaviour, and product innovation. The long-term partnership between insurer and core vendor flourishes when it fully incorporates an internal IT team. Insurers are turning to the core platform vendors such as Fadata, that come hand-in-hand with dedicated expert teams, promise collaboration, share KPIs, and deliver the granular understanding required to reflect insurance market-specific nuances. Outsourced executors are being phased out so that insurers can avoid inefficiencies and slow rollouts. These are among the intrinsic problems developed from reliance on a third party with a culture of locking out IT departments or building overly generic solutions that require excessive, often complicated and costly customisation.

    Maximise Scalability, Minimise Customisation

    Insurers increasingly realise that all important scalability and agility come from adhering closely to out-of-the-box solutions. The trend toward minimal customisation not only simplifies future upgrades but also accelerates implementation timelines. This positions internal teams to rapidly launch new products and respond to market changes without the delays of extensive code rewrites or vendor negotiations. In times of shifting regulatory compliance – DORA being a great example – a standardised system providing the ability to upgrade swiftly is a high priority. And a major driver for internal IT. Insurers need to feel confident that any updates in order to comply can be made fuss-free.

    Fadata has already responded to this shift by supporting clients in regaining control of their technology environments. Rather than acting solely as an external implementation partner, Fadata is supporting its clients to create ‘centres of excellence’. These bolster an IT department’s understanding of its core solution, INSIS, to promote independence. The IT departments we work with are already able to seamlessly replicate product in new geographies, and up to 85% of out-of-the-box INSIS features are being copied with the click of a button. 

    SaaS Pizzazz – The Digital Future of Insurance IT

    The industry-wide shift to SaaS models shines a spotlight on the pivotal role IT plays in digitalisation and business strategy. With infrastructure responsibilities managed externally, internal IT resources can focus on strategic application of technology and drive insurance innovation from within. Inherently upgrade-friendly cloud-based solutions make this much simpler and more viable. These deliver ongoing automatic platform enhancements and maintenance without disruptive overhauls. Which also eliminates scope creep or unexpected integration issues, and helps to avoid IT resource bottlenecks.

    Next Generation Digital Mindset

    With focus being put on fulfilling the modern expectations of policy holders, which undoubtedly is driven first and foremost by speed and simplicity, insurers are shifting their mindset to a more customer-centric insurance business. Insurers are ready to embrace agile methodologies. These create the seamless digital journeys across mobile, web, and emerging channels that modern customers expect. To be digitally successful, insurers understand that a more hands-on strategy is key. And is why a natural understanding of modern technology is becoming increasingly relevant. IT departments are 100 percent best positioned to manage long-term digital strategy. This highlights the importance of nurturing a skilled IT team that can secure future-proofed technology.

    The fast-paced, changeable insurance market calls for faster iteration and product launches with continuous deployment. Insurers are becoming much more open to SaaS platforms, APIs and ecosystems. They recognise that the partnerships which have typically been seen as a threat to internal teams, are conducive with accelerating transformation. These digital trends, which lead to the faster decision making and improved responsiveness that can define success, are challenging legacy processes and partnerships that slow innovation. Insurers looking for competitive advantage are also increasingly turning to data. Greater emphasis is being put on real-time data and analytics. Prioritising the creation of customer data platforms, automated insights, and AI-driven decision-making, all of which require digital backing. Ultimately, internalising IT offers insurers the flexibility, security, and agility they need to thrive in a competitive landscape. With trusted platforms and collaborative partners, insurance companies are becoming better positioned to shape their digital futures – on their own terms.

    • InsurTech

    Author

    Dan Brightmore

    Published

    13 May 2025

    Estimated Read time

    2Mins

    The global InsurTech sector experienced a notable resurgence in the first quarter of 2025. Funding levels surged to $1.31 billion…

    The global InsurTech sector experienced a notable resurgence in the first quarter of 2025. Funding levels surged to $1.31 billion – an impressive 90.2% increase compared to the previous quarter. This was driven by AI and P&C Sector Investments. It marks the strongest funding performance since Q3 of 2022. This signals renewed investor confidence and a maturing ecosystem poised for innovation.

    P&C

    A major catalyst behind this upswing is the significant capital flow into Property & Casualty (P&C) insurance technology providers. P&C-focused InsurTechs accounted for a staggering $1.13 billion of the total Q1 investment. This highlights a strategic shift among investors towards sectors with proven demand for digital transformation. The ability of these firms to deliver scalable, tech-enabled solutions for underwriting, claims processing, and risk assessment has made them highly attractive investment targets.

    AI

    Furthermore, artificial intelligence (AI) has emerged as a dominant theme in this funding cycle. Roughly 61.2% of the capital raised – totalling over $710 million – was allocated to AI-driven InsurTech companies. These firms are leveraging AI to disrupt traditional models by automating decision-making. This further enhances customer experience, detecting fraud, and enabling hyper-personalised policy offerings. The increasing reliance on AI reflects a broader trend across FinTech sectors, where data-driven technologies are reshaping business models and customer engagement.

    What does the future hold for the InsurTech sector?

    Meanwhile, despite this funding resurgence, early-stage startups in the InsurTech space saw a notable decline in capital inflows, hitting a five-year low. This suggests a market preference for more mature, proven business models with clearer paths to profitability. Investors appear to be adopting a more cautious, value-driven approach. Moreover, the focus is on companies with strong fundamentals and existing market traction rather than speculative early-stage ventures.

    The Q1 2025 results not only point to a healthy rebound for the sector but also underline a directional pivot towards sustainable innovation. InsurTechs that can integrate AI and address the evolving needs of insurers and policyholders alike are positioned to lead the next wave of growth. As the industry continues to digitise, the emphasis on efficiency, personalisation and resilience will likely guide future investment patterns.

    • InsurTech

    Author

    Dan Brightmore

    Published

    21 March 2025

    Estimated Read time

    5Mins

    InsurTech Insights Europe 2025: A Transformational Gathering for the Future of Insurance

    InsurTech Insights Europe 2025, held on March 19-20 at the InterContinental London – the O2, reaffirmed its status as the premier conference for insurance technology professionals across the continent. Drawing more than 6,000 attendees from over 80 countries, the event brought together C-level executives, startup founders, investors, and tech leaders. They explored the evolving future of insurance powered by innovation and digital transformation.

    Key Themes

    With seven stages and over 400 speakers, the conference agenda was packed with compelling keynotes, forward-looking panel discussions, fireside chats, and practical workshops.

    The overarching theme of the 2025 edition was crystal clear: artificial intelligence (AI) is no longer a futuristic concept, it’s the driving force behind today’s insurance innovation. Topics like automation, generative AI, claims transformation, underwriting analytics, embedded insurance, cyber security, and ESG all reflected a dynamic industry poised for rapid acceleration.

    A Focus on Leadership & Diversity

    One of the standout sessions was the panel discussion titled “The ROI of Gender Diversity: Breaking the Glass Ceiling for Women in Leadership”, held on the Purple Stage. Featuring high-level voices from Solera, unlock VC, and AXA XL, the panel addressed the often-overlooked yet crucial importance of gender diversity in executive roles. The discussion didn’t stop at raising awareness; it presented measurable business outcomes tied to diverse leadership and called for action to foster inclusivity across all levels of the industry.

    Complementing this session was “The Women in Insurance Power Group Meet-up”, a networking event held at the Sky Bar on the 18th floor. Attendees not only connected over lunch but were also invited into an exclusive WhatsApp group, encouraging long-term collaboration and support among female leaders and allies in the space.

    The Innovators Hub and the ITI Marquee: Where the Future Was Born

    A major addition to this year’s conference was the debut of the ITI Marquee. A vibrant, purpose-built zone dedicated to showcasing bold ideas and startup brilliance. This space housed the Innovators Hub, which included its own dedicated Innovator’s Stage. Here, early-stage ventures and InsurTech pioneers pitched their solutions to panels of VCs, corporate innovation leads, and fellow founders.

    This setting offered more than exposure, It cultivated real-time connections between startups and investors, giving many smaller players their first shot at meaningful partnerships or funding opportunities. The diversity of ideas, from AI-powered claims processors to data-driven risk models for climate insurance, reflected the industry’s hunger for next-gen solutions.

    Keynote InsurTech Highlights

    One of the most talked-about moments of the event came from Daniel Schreiber, CEO and Co-Founder of Lemonade, whose opening keynote explored how AI can dramatically enhance customer experience in insurance. He challenged the audience to rethink not just how insurance is sold or serviced, but why it’s offered. And how technology can transform its social impact.

    Another crowd favourite was the session on “The Path to Embedded Insurance”, which unpacked how insurance products are increasingly being bundled into digital ecosystems like ecommerce platforms, mobility apps, and smart home technologies. This wasn’t just a hype piece. Real-world case studies from European neobanks and auto insurers illustrated how embedded models are already driving customer growth and retention.

    Among the compelling keynotes on the Main Stage, Sofia Kyriakopoulou, a Fintech Strategy AI Champion and Group Chief Data & Analytics Officer at SCOR, revealed how GenAI innovation at one of the world’s largest reinsurers is transcending the realm of proof of concepts to become fully productive.

    InsurTech Deep Dives: AI, Data & Digital Claims

    Sessions throughout the week made it clear that AI is at the forefront of virtually every area of insurance operations. Whether it was applied in predictive underwriting, fraud detection, or personalised customer engagement, companies are looking to AI not just for marginal gains but foundational transformation.

    A standout workshop on AI in Claims Automation included live demos from startups using computer vision and NLP to automate damage assessment. Meanwhile, a session on Data-Driven Underwriting shared how insurers are replacing traditional risk proxies with real-time data streams, from wearables to smart meters.

    Cybersecurity was another hot topic, with insurers discussing how to build resilient cyber products in the face of increasing digital threats and regulatory complexity.

    Global Meets Local: The Power of Diversity

    Although a European event at heart, the conference had a distinctly global flair. Speakers came from the U.S., Singapore, Brazil, South Africa, and the Middle East. They brought diverse perspectives on shared challenges such as climate change, digital regulation, and consumer trust.

    Simultaneously, European startups shone on stage. Companies from the UK, Nordics, DACH, and Benelux presented innovative, often niche solutions for localised market challenges—from parametric crop insurance to real-time mobility coverage.

    Trade Exhibition & Brand Visibility

    The exhibition floor was a hive of activity, featuring booths from established players like Munich Re, Swiss Re, Guidewire, Duck Creek, and Cognizant, alongside vibrant startup showcases. Product demos, swag giveaways, and live challenges kept engagement high and made it easy for brands to stand out.

    The conference proved to be a golden opportunity for brand elevation, allowing companies to position themselves as thought leaders or rising disruptors in front of an incredibly curated audience.

    InsurTech Insights Europe: The Verdict

    The closing remarks from Kristoffer Lundberg, CEO of InsurTech Insights, captured the spirit of the event:

    “It’s a privilege for us to gather together the sharpest minds in the industry to discuss the role of AI in insurance. The direction and impact of these technologies will shape the space for decades to come.”

    Indeed, InsurTech Insights Europe 2025 wasn’t just a conference, it was a strategic gathering. A melting pot of ideas and a launchpad for the next generation of insurance products and platforms. Attendees walked away not just with new business cards, but with fresh ideas, collaborative leads, and the motivation to drive innovation within their own organisations.

    As the insurance industry continues to evolve amid mounting global challenges and rapidly advancing tech, this event served as a timely and energising reminder… The future is not something to wait for—it’s something to build, together.

    • Artificial Intelligence in FinTech
    • Host Perspectives
    • InsurTech

    Author

    Dan Brightmore

    Published

    14 March 2025

    Estimated Read time

    2Mins

    Join the world’s largest InsurTech community hosting 13,000 Executives, Entrepreneurs and Investors each year…

    Insurtech Insights is the world’s largest insurance technology community. It offers unprecedented connection to the most comprehensive and global gathering of InsurTech entrepreneurs, investors, and insurance industry incumbents.

    Over the course of two days at its conferences, the industry gathers to showcase the forefront of innovations and form the partnerships of tomorrow. The unparalleled networking experience, with thousands of meetings, is a staple at any Insurtech Insights event.

    “The biggest feat was the sell out crow of 4,000. Seeing so many from across Europe and the US was just brilliant!”

    Nigel Walsh, Managing Director – Insurance, Google

    Book your ticket for InsurTech Insights Europe at London’s O2 March 19th-20th.

    Gain insights from over 400 expert speakers include representatives from Zurich, Allianz, Lemonade, Zego and many more…

    “Such a great event with such a great level of attendance”

    Steven Zuanella, Group Chief Digital & Innovation Officer, Generali

    Insights

    Improve your knowledge on challenging and strategic issues relevant to any organisation.
    Stay on top of future trends and seize new opportunities.
    Expand your toolset and effectively solve the challenges of today and tomorrow.

    Inspiration

    Challenge your way of thinking with new perspectives.
    Expand your professional horizon by meeting with and listening to leading insurance experts.
    Equip yourself with ideas and knowledge that adds value to you, your team, and your organisation.

    InsurTech Networking

    Expand your network by meeting with 6,000+ executives, entrepreneurs and investors from all over the world.
    Create new opportunities leading to a stronger and more global network.
    Meet with and attract the talent of tomorrow.

    Register now!

    • Event Newsroom
    • InsurTech

    Author

    Dan Brightmore

    Published

    11 March 2025

    Estimated Read time

    2Mins

    The UK-Australia Insurtech Pathway has been introduced as a joint effort to support insurance technology firms seeking expansion opportunities in…

    The UK-Australia Insurtech Pathway has been introduced as a joint effort to support insurance technology firms seeking expansion opportunities in both markets.

    The programme was launched in Australia on 18 February 2025, while a launch event is scheduled in the UK on 20 March 2025. 

    It has been developed through a partnership between the UK’s Department for Business and Trade (DBT), Insurtech UK, and Insurtech Australia. The initiative is designed to help Insurtech companies navigate regulatory frameworks, establish business operations and connect with investors and industry stakeholders.

    InsurTech Pathway

    The pathway will offer structured support to selected firms looking to enter either market, addressing key challenges related to compliance, business development, and market integration.

    The UK and Australia both have well-established insurance sectors that encourage innovation through regulatory structures and technology adoption.

    The Insurtech Pathway aims to lower entry barriers for firms by providing targeted guidance and fostering industry collaboration.

    The initiative builds on the UK-Australia Free Trade Agreement (FTA), which took effect on May 31, 2023. The agreement is intended to reduce trade restrictions and facilitate easier market entry for businesses, including through streamlined visa pathways, expanded access to government procurement, and lower investment barriers.

    Facilitating cross-border market access

    Louise Cantillon, Deputy Trade Commissioner for Australia and New Zealand, said the initiative reflects both regions’ commitment to strengthening trade ties in financial services and technology:

    “By working together, we can unlock new opportunities for insurtech companies in both markets, driving innovation and supporting job creation.”

    Insurtech UK CEO Melissa Collett said the initiative aligns with UK firms’ interest in the Australian market:

    “Insurtechs consistently feedback to us on their appetite for the Australian market due to its strong insurance industry, wide-spread insurance uptake and anglophone ties.”

    Simone Dossetor, CEO of Insurtech Australia, further highlighted the pathway’s benefits:

    “The UK is the top-rated market for global expansion for our insurtech members and with Australia being the fourth largest market for Lloyd’s there are strong synergies between the two regions.”

    The program will provide tailored support, including regulatory and compliance guidance, networking with insurers and investors, trade delegations, and engagement with key regulatory authorities to streamline market entry.

    • InsurTech

    Author

    EY Insurance Leaders: Isabelle Santenac (Global), Jeff Gill (Americas), Anita Sun-Young Bong (Asia-Pacific) & Philip Vermeulen (EMEIA)

    Published

    7 March 2025

    Estimated Read time

    6Mins

    EY Insurance Leaders Isabelle Santenac (Global), Jeff Gill (Americas), Anita Sun-Young Bong (Asia-Pacific) & Philip Vermeulen (EMEIA) present EY’s Global Insurance Outlook 2025 report. Learn how insurers can embrace InsurTech to accelerate value creation from gaps to gains

    Even as shifting global dynamics challenge insurers, EY’s 2025 Global Insurance Outlook Report shows there have never been more viable paths to innovation-led growth across the industry. Indeed, the huge gaps in protections against cyber and climate threats – with 99% of losses from cyberattacks and 60% from natural disasters uninsured – plus the massive shortfall in retirement savings present compelling value creation opportunities. Strategically orienting the enterprise around richer data and fully modernised technology is one critical step.

    Uninsured Losses

    99% of losses from cyber-attacks are uninsured

    60% of losses from natural catastrophes are uninsured

    But whether insurers prioritise new product development, M&A or geographic expansion in their growth strategies, a few key actions can unlock growth through innovation.

    1. Design purposeful products

    The biggest protection gaps – retirement savings and climate- are poised to get even bigger. The global retirement savings gap is set to grow from US$106 trillion in 2022 to US$483 trillion in 2025. Thanks to longer lifespans and aging populations worldwide, there is greater need for products that deliver income for older citizens. That’s how insurers can promote financial security across society.

    The “silver tsunami” – the huge demographic wave of Baby Boomers reaching retirement age – will cause a spike in demand for financial estate planning services as well as life and health insurance augmented with wellness programs. In the US alone, those aged 65 and over will grow from 58 million in 2023 to 82 million in 2050. Leading insurers will need to position themselves for the coming transfer of assets by demonstrating clear value propositions.

    Global Retirement Savings Gaps

    $106t in 2022

    $403t projected gap in 2050

    Purpose can also provide the motivation to deliver climate solutions with more robust coverages and tailored prevention services for the huge populations – over 40% worldwide, according to Geneva Association – that live in high-risk areas. Strengthening climate protections necessitates rethinking traditional approaches to risk management, pricing and claims modelling. Purpose can also fuel positive collaborations and partnerships with governments and other stakeholders, an important step given the increasing likelihood of new government mandates.

    US Citizens Aged 65+

    58m in 2023

    82m in 2025 (projected)

    2. Personalise offerings to expand share of wallet

    Usage-based products, modular add-on features and tailored pricing demonstrate to consumers that you are committed to serving their unique needs – a proven way to promote loyalty and engagement. Artificial intelligence (AI) tools can help in this area with tailored messaging, more accurate pricing and faster underwriting and binding processes.

    On-demand coverage and real-time risk prevention are other ways that personalisation strategies can add value. AI and advanced analytics can also target the highest-potential customers for product bundles and other offerings that maximise customer value.

    Technology Boost

    10-25% increase in operating profits for insurers with successful data and analytics strategies

    35% increase in employees’ underwriting capacity from generative AI (GenAI)-enabled automation

    3. Seek innovation at scale

    With a lean and highly automated operating environment, insurers can look to scale low-margin products to new segments via partners and ecosystems and other channels. The rapid expansion of embedded offerings demonstrates what’s possible.

    Parametric insurance – policies that pay out when specific events occur – expands the type of attractive products insurers can deliver to new customers and is expected to grow to US$29.3 billion by 2031. Parametric solutions have gained traction in the agricultural industry and as protection against natural disasters, but can also be applied to business interruptions, supply chain disruptions and cyber-attacks.

    Parametric Insurance Market Size

    $11.7b in 2021

    $29.3b in 2023

    4. Use regulation as a prompt to innovate

    The combination of more and more stringent rules in Europe and softening oversight in the US may create an unbalanced competitive playing field, with 61% of insurers cite evolving regulatory requirements as the top operational challenge for the year ahead. But firms that go beyond a minimalist, check-the-box approach may generate business value from their compliance programs.


    Consider how the EU Financial Data Access (FiDA) legislation, slated to be enacted in 2025, paves the way for consent-based data sharing across pension, savings and nonlife insurance companies and products. That’s an invitation for firms seeking to expand their offerings. Similarly, the opportunity to participate in government pension schemes requires insurers to enhance their ability to share data securely and seamlessly. The Danish Compromise is reshaping the competitive landscape by creating new opportunities in bancassurance channels in Europe. Lastly, more detailed disclosure and reporting standards should prompt more automation and integration of data flows.

    Regulation Prep

    61% of insurers cite evolving regulatory requirements as the top operational challenge for the year ahead

    5. Embrace a unified data strategy for the entire enterprise

    Success in the digital age demands that every business have a unified data strategy – one that is comprehensive and led by the C-suite. Because better data underpins every aspect of the business and is crucial to innovation, the data and technology agenda must be driven by the CEO, rather than the IT team. Further, strategic planning and resource allocations – basically any and all senior management decisions – should be redesigned to reflect the richer data sets executives now have at their disposal.


    A data strategy must reflect the need to harness the power of AI and other advanced technologies and define the necessary components of a flexible, future-ready data infrastructure. It will also need to establish appropriately robust governance models and controls environments for fully automated processes to ensure quality and build trust.

    6. Commit to serving the underserved

    What industry wouldn’t like to find tens of millions of new customers? For insurers, devising new solutions (e.g., micro coverages, starter policies) for just 1% of the estimated 4 billion underserved people worldwide could result in 40 million new customers, according to research from Forrester. Here again, it’s all about purpose – delivering protections to the people who need them most.

    New products – more affordable, easier to buy and modify – hold the key. Parametric policies, microinsurance for smaller farmers and precise coverages for small businesses and gig workers are just a few of the ways to create value for underserved segments. Carriers in some emerging markets offer health and life insurance for as little as $0.20 per month. It will take bold strategic thinking and creative action to deliver what these customers want (and can afford), but the underserved (who contribute to the lion’s share of the worldwide protection gap) offer the biggest potential for insurers to sustain their solid bottom-line performance.

    Serving the Underserved

    40m projected new customers from engaging just 1% of the 4 billion uninsured, low-income people worldwide

    Summary 

    Volatility and uncertainty – both within individual markets and across regions – define the global insurance industry to an extent not seen in decades. The run of economic prosperity and integration that benefitted the financial services sector for several decades seems gone forever. But insurers are uniquely qualified to create value during periods of instability. Those that target investments in AI-enabled tech and stronger data management capabilities to personalise communications and products will be able to create more value, create it faster and deliver it to more customers and communities than ever before.

    Read the full Global Outlook Insurance Report here

    • InsurTech

    Author

    Dan Brightmore

    Published

    12 February 2025

    Estimated Read time

    1Min

    Aviva, one of the UK’s leading insurance, wealth and retirement businesses, has chosen AutoRek, a leader in automated reconciliations, as its…

    Aviva, one of the UK’s leading insurance, wealth and retirement businesses, has chosen AutoRek, a leader in automated reconciliations, as its reconciliation and CASS tool.

    The collaboration will ensure greater efficiency and compliance through automation. Aviva will leverage AutoRek’s end-to-end platform to implement a fully audited, rules-driven reconciliation process, ensuring complete transparency for CASS auditors and internal stakeholders.

    With AutoRek, Aviva will gain an improved automated solution for client money and regulatory reporting, reducing the manual effort and inherent risk associated with manual processing.

    This new capability will enable Aviva to reduce operational inefficiencies, streamline compliance, and enhance overall financial control.

    “Aviva is dedicated to investing in technology to further our growth strategy. Following an extensive tender process, we were highly impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allows us to confidently address future scalability and volume requirements.”

    Chris Golland, Head of CASS & Middle Office, Aviva

    “We’re thrilled to onboard Aviva as a client to the AutoRek platform, empowering them to achieve greater efficiency and accuracy in their operations. Together, we’re driving innovation and setting new benchmarks for financial excellence.”

    Jack Niven, VP Sales, AutoRek

    • InsurTech

    Author

    Dan Brightmore

    Published

    23 January 2025

    Estimated Read time

    2Mins

    According to a new report published by WiseGuy Reports (WGR), The Insurtech Insurance Technology Market was valued at $ 31.05 billion in…

    According to a new report published by WiseGuy Reports (WGR), The Insurtech Insurance Technology Market was valued at $ 31.05 billion in 2024 and is estimated to reach $322.7 billion by 2032. It is set for growth at a CAGR of 33.99% from 2025 to 2032.

    InsurTech revolution gathers pace

    The insurtech insurance technology market is revolutionising the traditional insurance sector by integrating advanced technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and data analytics. InsurTech solutions streamline operations, improve customer experiences, and enable data-driven decision-making. These technologies cater to various aspects of insurance, including underwriting, claims processing, and policy management.

    The market has witnessed robust growth due to the rising demand for digital solutions and personalised insurance products. With startups and established insurers collaborating, the industry is becoming more agile and competitive, creating new opportunities for innovation in risk assessment and fraud prevention.

    InsurTech’s key players

    The InsurTech insurance technology market features a dynamic mix of startups and established players. Key companies include Lemonade, Metromile, and Hippo, known for their innovative approaches to insurance delivery. Traditional insurers such as AXA and Zurich are also investing in InsurTech partnerships to modernise their operations.

    Companies like Policybazaar and Root Insurance are leveraging AI and big data to enhance customer engagement. Furthermore, tech giants like Amazon and Google are exploring the sector, further intensifying competition. Moreover, these players focus on integrating advanced technologies and developing user-centric platforms to stay ahead in a rapidly evolving market.

    • InsurTech

    Author

    Dan Brightmore

    Published

    8 January 2025

    Estimated Read time

    4Mins

    Industry thought leaders from Marqeta, the global modern card issuing platform, offer a detailed outlook of the fintech industry for 2025, with predictions around personalisation, digitalisation and the evolving regulatory landscape

    Payments will turn fully personal, with tailored credit, rewards, and BNPL at scale in 2025

    In my opinion, a major global payment trend of 2024 has been hyper-personalisation. A new generation of customers is driving a shift toward personalisation at scale, expecting their FinTech services to be unique and tailored to individual needs. Modern consumers want a future where financial services integrate seamlessly into their digital lives and keep pace with their evolving needs. 

    As a result, we are seeing trends, such as personalised credit offerings and rewards booming. In an industry with increasingly low consumer loyalty, brands and financial institutions must go beyond traditional interactions with FinTech. For example, the recent Marqeta State of Credit report found that of UK consumers who use more than one credit card, 43% confirmed that they would use a credit card more frequently if better rewards were offered. By moving to a dynamic, rather than set rewards structure, consumers can earn benefits tailored to their spending habits and preferences in real time. 

    Increasingly with innovations like Buy Now Pay Later (BNPL), consumers are guided to credit options specifically suited to them and their needs. In 2025, we will increasingly see personalised BNPL payment plan options being offered in real time. Often within existing payment apps and products we already use daily. We are also seeing B2B payments emerging as a strong trend. Ensuring gig workers, sellers and partners get paid efficiently while offering robust expense management and financing. I anticipate we’ll see more demand for innovative B2B payment solutions that enable seamless money management across 2025.    

    Marcin Glogowski, SVP Managing Director for Europe and UK CEO

    2025 will be a year of rapid innovation in financial services  

    In today’s digital-first world, traditional payment infrastructure is no longer enough to keep up with the demands of consumers. The front door of a bank is now an app, digital wallet usage is increasing. New, flexible services have a growing prevalence on the market. In 2025 and beyond, customers will continue to drive a shift toward modern services which keep up with the rate of digital and mobile innovation.

    The ramifications of changing consumer trends could lead to the traditional roles of banks, such as ATMs and as physical branches, disappearing. To ensure continued customer loyalty, all financial service providers will be forced to innovate and offer consumers the embedded, seamless and instantaneous services that they desire. 

    Consequently, across 2025, we are likely to see new technology and solutions being offered to reduce unnecessary friction for consumers trying to pay and get paid. We are already seeing increased demand for Accelerated Wage Access (AWA). A Marqeta study shows that 74% of gig workers ages 18-34 would be interested in an employer who offered an option to get paid immediately. As businesses and workers grow tired of cash flow restrictions and having to wait for monthly pay slips in an otherwise instant, digital world. As new services evolve, competition in Fintech will be enhanced and the financial industry will be forced to grow and evolve. 

    Nicholas Holt, Head of Solutions and Delivery, Europe

    Proactive compliance strategies will lay the foundation for fintech in 2025

    With banking and FinTech partnerships under increasing regulatory scrutiny, the stakes around compliance have never been higher. In this environment, Fintechs can no longer afford a reactive approach to compliance. Instead, they should adopt proactive compliance strategies that go beyond simply seeking to avoid fines and that are embedded into the everyday makeup of their culture and product strategies, helping to build trust, ensure stability, and foster sustainable growth. 

    At Marqeta, we’re committed to embedding compliance into our company’s culture, helping to mitigate risks and create a foundation for long-term success for us and our customers. Proactive compliance strategies allow organisations to leverage advanced tools and position themselves to adapt to shifting regulatory demands while showcasing a genuine commitment to transparency. 

    Alan Carlisle, Chief Compliance Officer

    • Cybersecurity in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    20 December 2024

    Estimated Read time

    3Mins

    ‘FlyEasy’ parametric cover is now available on Zurich Indonesia’s Travel Product: offering real-time lounge access for delayed flights

    Blink Parametric, in partnership with Zurich, has launched flight disruption assistance solution ‘FlyEasy’. Coverage is on the Zurich Indonesia direct channel via the Zurich Edge platform. Leveraging parametric technology, the proposition has been designed to instantly activate coverage benefits upon confirmation of a flight delay. This seamless, fully-digital approach provides ultimate convenience to customers, relieving them of traditional claims processes and allowing them to enjoy their travels with greater peace of mind.

    The expansion is part of the agreement signed in January 2024. The award-winning flight delay solution can now be offered to Zurich’s customers across Asia Pacific via the Zurich Edge Platform.

    Zurich Asia Pacific Network

    This integration is the second rollout this year under the framework agreement to offer Blink Parametric solutions to Zurich Asia Pacific network partners and customers across Singapore, Hong Kong, Malaysia, Indonesia and Japan. The first was with Singapore-based OTA Klook in March.

    Once a customer registers their flight details pre-travel, Blink Parametric monitors that flight in real-time. Also, in the event of a flight delay of two-hours, the customer will automatically be offered real-time assistance of complimentary access to a VIP airport lounge. The lounge pass will have extended validity with a shelf-life of six-months if not used on the day of disruption. The benefit will be applicable for single trip and annual multi-trip executive and premier international travel plan insurance customers. No claims filing or application processing is required.

    Sukma Darman, Head of Digital, Zurich Indonesia commented, “One of Zurich Edge’s key objectives is to bring a fresh perspective on insurance to our partners and customers. We can then deliver personalised, customer-centric solutions using next-gen technology. Blink Parametric have helped us to achieve successful travel insurance integrations for the Asia Pacific region throughout this year. This includes delivery of innovative real-time assistance for our valued customers when they need us.”

    “This latest Zurich Indonesia integration coincides directly with our strategic move to further expand and support our business development and partner activities across the APAC region,” says Richard Pollard, Director of Strategic Accounts, Blink Parametric. “Furthermore, our work with the Zurich team this year has been significant, with two successful launches to date. It’s now possible for Zurich partners to tap into the Zurich Edge platform and deploy our real-time travel assistance solution under the FlyEasy brand with speed and efficiency. Exactly how it should be!”

    Blink Parametric is recognised as one of the most innovative and successful providers of travel InsurTech solutions to insurers world-wide. It offers real-time assistance and service choices to travellers impacted by flight disruption events. Blink Parametric travel solutions are fully customisable and designed to deliver operational efficiency. Moreover, processing high frequency, low value travel insurance claims when the traveller needs immediate real-time claim resolution.

    • InsurTech

    Author

    Dan Brightmore

    Published

    10 December 2024

    Estimated Read time

    5Mins

    Join FinTech’s greatest event when Money20/20 Europe returns to Amsterdam’s RAI Arena June 3-5 2025

    FinTech Strategy is proud to be a media partner for Money20/20 Europe 2025.

    Launched by industry insiders in 2011, Money20/20 is the heartbeat of the global fintech ecosystem. Some of the most innovative, fast-moving ideas and companies have found their feet (and funding) on its show floor. From J.P. Morgan, Stripe, and Airwallex to HSBC, Deutsche Bank, and Checkout.com.

    Furthermore, this is where you’ll find new connections, business-critical insights from inspirational speakers, innovation, and partnerships you need to ensure your business succeeds for whatever comes next in money.

    Why Money20/20?

    FinTech Strategy spoke with a host of leaders from across the FinTech spectrum. They all agreed on one thing, Money20/20 Europe is ‘the’ place to make connections and build your business.

    Gurdeep Singh Kohli, Founder, SC Ventures

    “It’s the first time I’ve attended Money 20/20 and, we’ve had some fascinating impromptu conversations that will lead to great opportunities. All the big names are here and it’s clearly a popular event from a thematic perspective – payments is a big theme this year. I have a very high regard for the quality of what’s on offer and the way the event has been organised – it’s a great customer experience, the way it’s all been structured, at scale, is actually one of the best I’ve ever seen. The response has been fantastic…”

    Stephen Everett, MD Payables & Receivables, Lloyds Banking Group

    “The majority of people at Money20/20 genuinely get up in the morning with a growth and innovation mindset. Therefore, you have to balance and recognise that when you walk into this big venue that there will be some wacky ideas. From my experience, I have seen many infant ideas turn into successful ventures, whereas I have also seen some ventures becoming unsuccessful despite having great innovation ideas. Fintechs will fail. Innovation will fail. Experiments will fail. And that’s fine. That’s what Money20/20 is all about.”

    Michelle Prance, CEO, Mettle (NatWest Group)

    “It’s good for Mettle to come here because we are a fintech that was incubated inside a large bank (NatWest) for fintechs. Quite often their route to market, route to capitalisation, is by going into a main bank being acquired. So, it’s that marriage between a big organisation and the small nimble fintech. People are really interested in what we’re doing because big incumbents want to be fast and nimble. They don’t always have the capital to invest in something like we’ve been able to do with Mettle. So, they’re interested to know the right route to go down. Do they incubate in house? Or do they buy it in? And what’s the right way to do that without killing the culture? These are the types of interesting conversations we’ve been having here.”

    Ryan O’Holleran, Head of Sales, AirWallex

    “The great thing about Money20/20, here in Europe, and in Asia and the US, is the good division between buyers and sellers. So, you have all these service providers like AirWallex, Amex, Stripe… And then you have the Heads of Payments from companies like Booking.com, Minted and Summit who are coming here with their team to meet with providers. If you think about that from a sales perspective, those meetings are very hard to get outside of this environment. But over a week you get 15 different meetings each day with that would normally take months to arrange. So, the ROI from this week is really powerful just from being able to have these conversations.”

    Merusha Naidu, Global Head of Payments, Paymentology

    “Paymentology is homegrown out of the UK so it’s important for us to make sure we’re representing the business across Europe. This is the centre of the world for banking innovation. We have customers here from Singapore, Dubai, Saudi Arabia, Ghana and beyond. People look to this event to really learn about what’s happening in the industry globally and discover what trends are going to come up. What should we be doing? How can we innovate together and learn from each other? That’s one of the things I really love about Money20/20; the talks in all of the panels are so interesting and I always leave knowing more. Being in the payments industry, and especially being an issue processor, it’s important for us to learn from the industry and understand where we need to move so that we can stay at the forefront of developments.”

    Zak Lambert, Product Lead & Europe Lead, Plaid                                                                            

    “This is my sixth straight Money20/20 and it gets busier every year! It’s great to learn more about the ecosystem at large. You can see developing trends each year, and it’s always a little bit different. You build relationships at Money20/20 that stay with you for the rest of your life. And it’s a perfect opportunity to meet people in the flesh that you might normally only see on screen. You can get a pretty direct read on what they’re working on and it’s exciting to be here making new connections.”

    Book Your Money20/20 Europe Pass Now

    To get a flavour of what you can expect from next year’s conference check out our review of Money20/20 Europe 2024.

    Book your pass now and save €200 with the code FTS200.

    • Artificial Intelligence in FinTech
    • Digital Payments
    • Event Newsroom
    • InsurTech
    • Neobanking

    Author

    Alex Mosher

    Published

    3 December 2024

    Estimated Read time

    4Mins

    Alex Mosher, Chief Revenue Officer at Armis, on why businesses are prioritising their cybersecurity budgets, ensuring they have the resources needed to counteract emerging threats

    Cybersecurity is no longer optional. In 2025, we expect a significant uptick in overall spending. With threats becoming more sophisticated, organisations recognise the imperative to invest adequately in cybersecurity measures. This trend is driven by the growing awareness that the cost of a cyber-attack far outweighs the investment required to prevent it.


    Shift Toward Comprehensive Cybersecurity Solutions

    In 2025, there will be a marked shift toward comprehensive security solutions that offer integrated functionalities. Companies will increasingly seek platforms that provide threat detection, incident response, and compliance management within a single solution. This trend arises from the need to simplify security management and reduce complexity. Siloed solutions are ineffective, expensive and reduce the efficiency of security teams with finite resources. Furthermore, by consolidating various security functions into a unified platform, businesses can streamline their processes and enhance their overall security posture. Integrated solutions offer a holistic approach to cybersecurity, addressing multiple aspects of an organisation’s security needs. The move toward comprehensive solutions also reflects a broader understanding of the interconnectedness of cybersecurity elements. A unified solution that addresses multiple areas provides a more robust defence against potential breaches.

    Emphasis on Automation and AI

    Automation and artificial intelligence (AI) are revolutionising the cybersecurity landscape. Organisations increasingly prioritise spending on AI-driven security solutions to enhance threat detection and response capabilities. The focus will be on tools that streamline incident response, reduce manual workloads, and enable security teams to focus on more strategic initiatives. Moreover, the trend will also include spending on analytics tools that help organisations understand and mitigate risks based on the current threat landscape. Threat intelligence and analytics play a pivotal role in enhancing an organisation’s security posture.

    AI technologies offer a proactive approach to cybersecurity, allowing organisations to identify and mitigate threats in real-time. By leveraging machine learning algorithms and data analytics, businesses can gain deeper insights into potential vulnerabilities and respond swiftly to emerging threats. The emphasis on automation and AI is driven by the need to enhance efficiency and effectiveness in cybersecurity operations. By automating routine tasks and employing AI for advanced threat detection, businesses can optimise their resources and achieve a more robust security posture.

    Investment in Cloud Cybersecurity Solutions

    The migration to cloud environments continues to accelerate, driving the need for robust cloud security solutions. Key investment areas will include cloud security posture management (CSPM) and cloud workload protection platforms (CWPP). The emphasis on cloud security reflects the growing reliance on cloud services for business operations. Moreover, organisations recognise that securing their cloud environments is paramount to safeguarding digital assets and ensuring regulatory compliance. Investments in cloud security solutions also align with the broader trend toward digital transformation. Businesses are leveraging the cloud to drive innovation and agility. This neessitates a strong security framework to protect their evolving digital ecosystems.

    Enhanced Budgeting for Compliance and Regulatory Needs

    Data protection and privacy regulations are becoming increasingly stringent worldwide. Also, this necessitates enhanced budgeting for compliance-related cybersecurity solutions. I expect organisations to allocate more resources to auditing tools, risk management platforms, and solutions that help them meet regulatory requirements such as GDPR, CCPA, and HIPAA.

    The emphasis on compliance reflects a growing awareness of the legal and reputational risks associated with non-compliance. Investing in compliance-related solutions also aligns with the broader trend toward data-driven decision-making. Moreover, by implementing tools that ensure alignment with regulatory requirements, organisations can demonstrate their commitment to ethical data practices and build trust among stakeholders.

    Growth in Cybersecurity Insurance Expenditures

    Cyber insurance is becoming an essential component of an organisation’s risk management strategy. The growth in cybersecurity insurance expenditures reflects a broader awareness of the financial implications of cybersecurity threats. Investing in cyber insurance aligns with the emphasis on accountability in cybersecurity spending. By securing coverage for potential losses, businesses can demonstrate their commitment to protecting their assets and ensuring business continuity in the face of unforeseen events.

    By understanding the key cyber spending patterns outlined here, businesses can make informed decisions. They can enhance their security posture to protect their valuable assets and ensure business continuity as we move into 2025.

    • Cybersecurity in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    8 November 2024

    Estimated Read time

    2Mins

    additiv, a global leader in fintech and digital transformation, has announced the launch of an InsurTech solution with AXA Switzerland

    AXA Switzerland has successfully launched its addProtect bancassurance offering, powered by additiv’s technology platform. Furthermore, this innovative InsurTech solution allows banks to directly protect their mortgage customers against key risks with a simple plug-and-play solution.

    addProtect InsurTech solution from additiv

    As a seamless plug-and-play solution, addProtect gives banks direct access to the platform without the need for additional integration with existing IT systems. Its user-friendly and intuitive design allows banks to effortlessly integrate the platform into their day-to-day business operations. With the death and payment protection insurance, bank advisors have easy-to-understand products at their disposal. These offer added value to customers beyond the existing offering. The addProtect platform is now available for banks, and an initial pilot will be launched in collaboration with PostFinance.

    Samuel Peter, Head of Partnerships at AXA Switzerland, stated:

    “With addProtect, AXA is responding to the growing need of customers and banks for appropriate insurance solutions where and when they are needed. The solution creates additional advisory potential and better protection for the customers of our partners’ banks. We look forward to making the solution available to other partners.”

    Dieter Lützelschwab, General Manager Switzerland at additiv, added:  

    “When developing addProtect, we focused on the user experience for the customer and the bank advisor. In addition, our platform provides an easily configurable, modular insurance solution that covers the entire value chain from quotation to claims processing.”

    About additiv

    additiv empowers the world’s leading financial institutions and brands to create new business models and transform existing ones. additiv’s API-first cloud platform is one of the world’s most powerful solutions for wealth management, banking, credit, and insurance. The InsurTech technology, together with the global ecosystem of regulated financial services providers, opens up new opportunities for banks, insurance companies, asset managers, IFAs and consumer brands to quickly and flexibly offer their own and third-party financial solutions through existing or new customer channels.

    Headquartered in Switzerland, with regional offices in Singapore, UAE, Germany, and the UK, and more than 250 employees, additiv serves over 400 financial institutions (banks, insurers, asset managers, pension providers, IFAs, etc.) and brands worldwide.

    • InsurTech

    Author

    Dan Brightmore

    Published

    6 November 2024

    Estimated Read time

    3Mins

    Analysing “The State of Global Insurtech” report by Dealroom.co, Mundi Ventures, and MAPFRE

    Insurance technology funding from venture capitalists is projected to close at $4.2 billion by the end of the year, according to “The State of Global Insurtech” report by Dealroom.co, Mundi Ventures, and MAPFRE.

    Global InsurTech investment

    In the first nine months, global insurtech investment already amounted to $3.2 billion. The fourth quarter is expected to see mostly Series B and C funding rounds for breakout-stage startups. These firms are said to be approaching pre-pandemic funding peaks.

    “After the uncertainty of previous years, the global insurtech market is now showing signs of further stabilisation,” said Javier Santiso, Chief Executive and GM of Mundi Ventures. “While the frenzy has cooled, we are seeing a positive rebound in early-growth/breakout stages, particularly with Series B funding picking up.”

    However, late-stage startups are facing significant funding challenges, with large-scale investments into Series D and later rounds seeing steep declines. The setbacks highlight investor caution around high-valuation, mature companies struggling to maintain momentum. Meanwhile, some late-stage ventures are refocusing on profitable unit economics to position themselves for potential initial public offerings in the next few years.

    US leading on InsurTech

    Regionally, the US leads InsurTech investment with $1.8 billion so far this year, followed by Europe at $1.1 billion. In contrast, emerging markets like Latin America and Africa continue to lag behind with $37.1 million and $32.4 million, respectively. Although funding in these regions remains limited, experts see growth potential due to a narrowing insurance gap.

    “The Latin American ecosystem is resilient, and entrepreneurs continue to seek new formulas, models, and businesses to revitalize the sector,” noted Leire Jiménez, Chief Innovation Officer at MAPFRE. “The region has great potential, more so at a time when the insurance gap is gradually shrinking due to the large volume of opportunities in it.”

    B2B growth

    According to the report, business-to-business software-as-a-service (B2B SaaS) providers are seizing a significant share of InsurTech funding, capturing 43% of total investments in 2024. This category includes solutions for underwriting, claims management, risk assessment, and administrative efficiency.

    Yoram Wijngaarde, founder and CEO of Dealroom.co, commented: “Insurance is a vast industry that has been largely unchanged for hundreds of years. It remains a huge target for tech efficiency and scale, but one that has been difficult to crack.

    “Insurtech 2.0 is unbundling the challenge, zeroing in on niches like B2B SaaS, risk management, climate and cyber, with greater traction. Global breakout-stage investment is on track to grow year on year in 2024, and European insurtech VC has already passed 2023’s total. Insurtech is iterating.”

    • InsurTech

    Author

    Amelia Lowe

    Published

    18 October 2024

    Estimated Read time

    5Mins

    Amelia Lowe, Vice President of Operations at SquareTrade, on the potential for AI to revolutionise InsurTech

    We have all witnessed the growth of AI in the past year. It’s quickly becoming an innate part of how we work. In the UK alone, the number of AI registered companies has increased by over 600% in under a decade. While the size of the AI market is expected to grow to over £800 billion by 2035. AI holds the power to radically reshape the way we live, learn, and conduct business. It can unlock possibilities we once only imagined. In the past two years, we’ve witnessed this transformational potential come to life. It’s driving innovation and redefining industries at an unprecedented pace.

    We stand on the brink of a new era. AI is poised to become an integral force that not only enhances our daily lives but also paves the way for a more effective way of doing business and connecting with customers. AI holds the key to supercharging the customer experience, by creating seamless, intelligent customer journeys. So how do we do it?

    In today’s highly competitive world, great customer service is essential. Customers do not want to feel like just another number. They want their individual needs to be recognised and addressed with personalised responses.

    At SquareTrade, we aim to engage with our customers in ways that feel authentic and personal, even when they are engaging with AI. Our objective is to deliver a level of personalised interaction that was once thought of as unattainable with automated systems. Furthermore, ensuring every customer feels appreciated and understood in each exchange.

    Enhancing customer experiences with AI for seamless, intelligent journeys

    At the core of any customer relationship is the confidence that issues will be resolved quickly and effectively. Your team, and the people behind your company, play a pivotal role in delivering that trust across all customer touchpoints.

    When integrating AI into a business, it is essential to align the technology with the company’s core objectives. For us, the focus has been on driving innovation and streamlining processes while ensuring customer service remains uncompromised. Our goal is to ensure, no matter how AI is implemented, the customer experience feels personal and authentic. Even with automated systems, we want to provide a level of personalised interaction that was once unimaginable. We see AI as an extension of our team. In light of that we apply the same values and principles to those we apply to our team, which focus on trust, transparency and respect.

    Have you met Sally?

    We now live in a world where AI tools and customer experience must work in harmony. According to Statista, 73% of consumers believe AI can enhance customer experience, with 80% reporting positive interactions with AI so far. Clearly, AI has reached a point where customers can appreciate its benefits during their times of need. It can seamlessly recognise and addresses issues productively.

    When businesses explore integrating AI solutions, it’s crucial to align them with their unique standards, customer service approach, and company culture. No two AI solutions are alike. For us, it was vital that any AI implementation seamlessly complemented our existing operations. A key example of how we’ve achieved this is through the introduction of Sally, our AI chatbot. Sally provides one of the quickest and most efficient ways for customers to engage with us when visiting our website. This enhances the user experience while staying true to our service values.

    We are already witnessing the benefits of introducing Sally. She consistently achieves high success rates in resolving customer incidents autonomously. By deploying her in a strategic and targeted manner, we can reserve human interactions for more complex queries and claims.

    AI Training for Operational Excellence

    AI’s potential goes beyond customer interactions. It is increasingly being leveraged for training and education within organisations. In an industry like insurance, where no two claims are the same, InsurTech companies need training systems that prepare team members to adapt to a wide variety of scenarios.

    Given that individuals learn in diverse ways and at varying speeds, the ability to create personalised learning experiences is immensely valuable. We see AI training tools as the equivalent of providing each employee with a personal tutor. Moreover, one that can adapt to their unique strengths, challenges, and learning styles.

    And the learning doesn’t stop when the training does. AI-powered platforms can now continuously assess performance in real-time. If an employee is struggling in a particular area, the AI can automatically adjust the learning program to address those needs. This ensures ongoing growth and development tailored to each individual.

    Fraud Detection

    AI is poised to revolutionise fraud detection and prevention. It is becoming an invaluable asset to the teams that monitor for suspicious activity. In the insurance industry, AI can be deployed at multiple levels to enhance fraud detection. For example, through intelligent automation that swiftly analyses large datasets and flags potentially fraudulent claims for further investigation. This can save valuable time and resources.

    AI can also enable the creation of predictive models that forecast fraud based on historical data and emerging trends. This helps insurance players to stay one step ahead of evolving threats. These models improve risk assessment accuracy by reducing false positives and allowing us to focus more effectively on genuine risks.

    Looking ahead, the potential for AI in fraud detection is immense. AI is breaking new ground in areas where traditional rule-based systems fall short. Its ability to process vast amounts of data in real time, identify patterns and anomalies that would be nearly impossible to detect manually, makes it a game-changer in tackling complex problems.

    Embracing AI Advancements

    AI has the potential to revolutionise countless industries, but its impact is particularly profound in InsurTech. Given the critical role insurance plays in people’s lives, the opportunities for innovation and improvement are vast.

    As an industry, it’s essential we recognise AI’s ability to transform customer experiences. As early adopters, we have witnessed its potential firsthand. We will continue to leverage these advancements to enhance personalised and automated processes. We can bridge language barriers, and create new methods of interaction.

    However, our focus must always be on finding the right balance. Identifying where these solutions can deliver the greatest impact in serving customer needs quickly and effectively. Moreover, also ensuring that we retain the opportunity for human connection whenever it is needed. As well as ensuring compliance and security are a core part of how we think about implementing solutions to enhance business operations.

    • InsurTech

    Author

    Dan Brightmore

    Published

    16 October 2024

    Estimated Read time

    2Mins

    The AXA Group aims to protect over 20 million customers through inclusive insurance globally by 2026

    AXA Egypt and Post for Investment (PFI), the investment arm of Egypt Post, are establishing the first micro-insurance company in Egypt. This strategic collaboration is made possible by leveraging the new insurance law and aims to revolutionise the insurance landscape in the country.

    Financial Inclusion

    This initiative is fully aligned with AXA´s conviction that postal networks play a crucial role in global financial inclusion. Over a quarter of the world’s adult population accesses formal financial services through their post office. AXA notably signed a partnership with the Universal Postal Union (UPU) in May 2024. Moreover, this collaboration with UPU includes a research program. It will showcase successful postal insurance models and the establishment of the Postal Insurance Technical Assistance Facility (PITAF). This will promote financial inclusion and risk mitigation among underserved populations. Through this partnership, AXA is pushing the boundaries of insurance to better protect all. Solidifying its dedication to inclusive insurance practices worldwide.

    The Egypt Post, who will be the main distribution channel of this JV, is a well-respected organisation. It has a strong nationwide presence, renowned for its last mile distribution capabilities and robust brand credibility. Additionally, with over 4000 branches, kiosks, and mobile trucks across all governorates, Egypt Post is an integral part of the country’s infrastructure. It caters to the population with unparalleled reach.

    “We believe in the power of collaboration to create lasting change, and this joint venture is a testament to our commitment to inclusive insurance. Together, we are revolutionising the insurance landscape in Egypt to better protect and empower communities, setting new benchmarks for millions seeking reliable and accessible insurance protection.”

    Garance Wattez-Richard

    Micro-insurance from AXA

    The product categories will include both retail and group offerings. Embedded and voluntary options will cater to diverse needs. The range of products will cover various areas. These include hospital cash, personal accident, term life, payment protection, credit life, livestock, and group protection, ensuring comprehensive coverage for the customers.

    The ambitious goal is to reach 12 million customers within the first decade of operation. Therefore, underlining the commitment to making a significant impact on the lives of Egyptians through tailored insurance solutions.

    This collaboration between AXA EssentiALL, AXA Egypt and PFI/Egypt Post marks a significant milestone in the local insurance industry. It paves the way for inclusive and impactful micro-insurance offerings that have the potential to transform the socio-economic landscape of Egypt. As the first of its kind, this micro-insurance company is poised to set new benchmarks. Furthermore, it can become a beacon of hope for millions of Egyptians seeking reliable and accessible insurance protection.

    • InsurTech

    Author

    Sejal Mehta, Andrew Rodgers & Randy Bean

    Published

    11 October 2024

    Estimated Read time

    5Mins

    Sejal Mehta and Andrew Rodgers from Odgers Berndtson’s Global FinTech Centre of Excellence and Randy Bean, a Senior Advisor to Odgers Berndtson and industry author, explore the dynamics shaping leadership in the UK fintech sector

    The UK FinTech sector is undergoing a significant transformation, marked by maturation, consolidation, and a more selective investment landscape. Funding is increasingly funnelled towards profit-generating scale-ups, and away from newer entrants.  

    At the same time, the sector is shaped by a multi-generational workforce with varied perspectives. Meanwhile rapid advancements in AI foster apprehension and excitement. These converging factors make FinTech one of the most dynamic and competitive spaces to work in today. This presents both challenges and opportunities for its leaders.

    From our perspective as global FinTech executive search and leadership advisors at Odgers Berndtson these shifts are reshaping the demands placed on leadership. They are also influencing what it takes to lead effectively in this fast-changing sector. Here, we explore the leadership trends that are emerging as a result.

    Ethical FinTech leadership

    Venture capital funding is now more selective and private equity investors are increasingly targeting fintechs with solid exposure. This is creating a difficult environment for new start-ups. Those attracting funding are typically cash-positive scale-ups.

    Amidst these challenges, more FinTech firms are opting to list on the NASDAQ rather than the London Stock Exchange, as the UK navigates more stringent regulation. The need for payments licences, extensive reporting, and compliance demands weigh heavily on FinTech leaders.

    In this landscape, we’re seeing leaders with experience in regulated financial services bring a valuable skillset. The ability to operate within defined regulatory frameworks while generating growth. FinTech boards are looking for leaders with high authenticity and who can make ethical decisions. And while balancing ambition and growth with the realities of working in a highly regulated space.

    Founder replacements

    We are in the midst of the FinTech sector’s maturation. Start-ups are transitioning into scale-ups, requiring different leadership competencies. For many, this requires the founder to step down or step into a board role and appoint a CEO who can take the business through its next stage of growth.

    This requires leaders who are commercially driven, capable of shaping market strategies, and adept at understanding customer needs and product-market fit. Navigating risk and regulation becomes crucial, while the founder’s creative, opportunity-led approach typically no longer dominates the new operational and strategic demands.

    Boards and investors are looking for CEOs with a broader skillset and deep regulatory expertise. These leaders must also be able to attract and retain the type of talent that can sustain growth and innovation, while maintaining the ‘DNA’ that made the business so attractive in the first place.

    A multi-generational workforce

    Intergenerational divides are becoming more pronounced for all businesses and noticeably in sectors like FinTech. Here, younger generations with fresh perspectives are working alongside older, more experienced professionals – often from traditional financial services backgrounds.

    This diversity in age, experience, and approach can be a powerful asset, but only if integrated effectively. Typically, Gen Z and Millennials prioritise flexibility, technological integration and experimentation. Meanwhile, Boomers bring valuable expertise in regulatory environments and operational effectiveness, but may be more accustomed to traditional structures and leadership styles.

    Increasingly, we see FinTech leaders attempt to bridge these divides by emphasising open communication, promoting mentorship opportunities, and encouraging cross-generational collaboration. With less funding and more regulation, FinTech leaders recognise the need to identify and capitalise on the strengths of a multigenerational workforce if they are to succeed.

    Leadership team dynamics

    As FinTech companies scale, leadership is no longer just about the capabilities of individual leaders but about the dynamics of the entire executive team. Successful scale-ups understand the importance of assembling a leadership team that brings a diverse mix of skills, and generational perspectives to the table.

    We are starting to see FinTech companies think about leadership team dynamics as they scale up. Boards are looking for a blend of strategic, operational and ethical considerations. As well as how well team members work together. Do they solve problems cohesively? Are there any unresolved tensions or conflict? Are they aligned and equipped to collectively deliver on the leadership mandate?

    Many leadership teams are not optimising their potential due to misalignment of strengths. For example, we recently worked with a FinTech creating an executive team profile to identify the leadership competencies needed to deliver their mandate. This exercise enabled the team to reallocate executive responsibilities for strategic initiatives based on the required strengths, regardless of traditional job roles.

    Polarising views on Gen AI

    Leading organisations are experiencing a transformational moment due to accelerated interest in AI and Generative AI. 89.6% are increasing their investments in AI, while 64.2% of companies have indicated that AI will be the most transformational technology in a generation. In response, organisations are hiring for the data and AI leadership roles required to prepare their companies for an AI future.

    However, this integration of Gen AI has sparked both excitement and nervousness, particularly around issues of data protection and privacy. Generational differences are especially noticeable. Younger professionals are often less concerned about data privacy, while older generations remain cautious about the security implications.

    This divergence in attitudes can create tension within the organisation, as leaders grapple with how best to leverage Gen AI while ensuring compliance with stringent data protection regulations. For some FinTechs, AI is seen as a specialised area requiring dedicated focus. Meanwhile, others believe AI represents a fundamental shift in how business can be conducted and AI strategy should be woven into the fabric of every leader’s responsibilities.

    This divide in attitudes reflects the broader challenges we see FinTech companies face in incorporating AI. Leaders must now navigate the balance between embracing innovation and safeguarding sensitive information. They must also ensure AI is not seen as a siloed function. It must be an integral part of their commercial and strategic vision. Given the fundamental changes in the sector, the emphasis on leadership capabilities is changing for both the individual and executive team.

    • Artificial Intelligence in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    1 October 2024

    Estimated Read time

    2Mins

    AXA UK has launched new online InsurTech tools to enable customers to notify claims digitally for both home and car insurance

    AXA customers can now benefit from a new and improved digital service when making an insurance claim. They can use InsurTech tools that allow them to notify losses online. The improved online service allows customers to notify AXA of their claim online anytime they choose. Not only will it be more convenient, but it will also make for a more efficient claims experience. This allows AXA to offer support and resolve claims in a timely manner. 

    AXA Online Insurance Tools

    Car insurance customers can register claims for road traffic accidents, theft of vehicle, lost or stolen keys, misfuelling, storm or flood damage and malicious damage. Using this service gives customers the option of an end-to-end digital notification experience. It offers a broader choice in the ways they can interact with customer service teams.

    Home insurance customers can also use the tools to register claims online for theft, escape of water, flood, storm, accidental damage and accidental loss. This is then picked up by the customer service team to take the claim forward.

    Making an impact with customers

    The improved service is already making an impact with customers. A recent home insurance claim was reviewed and a supplier was instructed within two hours of being registered online. Motor insurance customers have also been able to book in their vehicle for repairs within minutes of notifying AXA of a claim.

    “We know that our customers’ expectations have evolved in recent years. They want the claims process to be quick, clear and simple. That’s why we’ve worked hard to ensure that these enhanced digital claims tools offer customers fast and seamless journeys. At a time when they need it most as well as offering increased flexibility and improving their overall experience.”

    Suzy Tiffany, Retail Claims Director at AXA UK

    Headshot of Suzy Tiffany, AXA Retail Claims Director

    AXA has focused on how it can improve customers’ experiences and interactions by providing digital capabilities where possible across its claims journeys. The claims submission service can also be accessed by brokers, enhancing the claims journey for them and their clients.

    However, all the usual channels will still be available for brokers and customers to contact the claims teams. Even if they have notified a claim online, they can still pick up the phone and speak to someone if they prefer.

    • InsurTech

    Author

    Dan Brightmore

    Published

    10 September 2024

    Estimated Read time

    4Mins

    Technological innovation is disrupting traditional business models, and customers now expect faster, more convenient service. Personalisation is crucial, with customers…

    Technological innovation is disrupting traditional business models, and customers now expect faster, more convenient service. Personalisation is crucial, with customers wanting insurance tailored to their specific needs. Enter InsurTech.

    Digital transformation is a must for insurance companies. Early adopters reap benefits, while others risk falling behind. We explore five key benefits of digital transformation in insurance, highlighting strong reasons for companies to embrace the InsurTech revolution.

    The digital transformation of the insurance industry is creating a more streamlined and customer-centric experience. Here’s how…

    Benefit 1: Improved Efficiency

    Digital transformation helps businesses improve workflows and empowers employees to work more efficiently and effectively. Adopting a digital culture can significantly cut down on time spent on tasks, eliminate manual processes, and introduce new features. Even basic automation of important steps can lead to substantial savings on overhead costs. 

    Research by the Harvard Business Review shows that over 89 percent of large companies worldwide are already implementing digital transformation initiatives, with projections of a 31 percent increase in revenue and a 25 percent reduction in costs.

    An example of how digital transformation fosters innovation is the collaboration between Fingent and the California law firm Sapra & Navarra. Together, they developed Ambit, an artificial intelligence (AI) tool that streamlines workers’ compensation claims management. By using AI, Ambit speeds up the claims process and reduces associated costs. 

    Benefit 2: Enhanced Customer Experience

    Improving customer experience and engagement is a key benefit of digital transformation. Data analysis helps insurers understand their customers better. This allows them to develop personalised products and improve customer service.

    An example is XYZ Insurance. The company created a digital sales app for agents, launched an online e-commerce platform, and built a self-service app for customers on smartphones. This digital ecosystem streamlines the entire insurance process, from getting quotes and completing applications to uploading documents and making payments.

    Benefit 3: Data-Driven Insights

    For underwriting, digital transformation means unlocking new ways to analyse data and make decisions. AI is a key player in this change. AI can analyse massive amounts of data using algorithms and predictive analytics. This helps uncover patterns and connections that human underwriters might miss. These insights benefit both insurance companies and policyholders.

    AI helps assess risk more accurately. By pinpointing potential problems with greater precision, AI allows underwriters to set appropriate premiums. This reduces the risk of setting premiums too low or too high, leading to a healthier insurance portfolio for the company.

    Benefit 4: Increased Agility

    Predictive analytics is a powerful tool at the core of digital transformation. It uses complex algorithms and machine learning to analyse massive datasets. This helps insurers uncover valuable patterns and trends to make better decisions in various areas of their business.

    One key benefit is risk mitigation. Analysing historical data and current trends lets insurers better assess risk profiles and price policies more accurately. Additionally, predictive modelling helps them simulate future scenarios, such as a major weather event’s impact on their business. This foresight enables proactive adjustments and risk-reduction strategies.

    Benefit 5: Improved Compliance

    Regulatory technology (RegTech) helps insurance companies navigate compliance challenges. It provides smarter ways to analyse information. This allows them to see potential risks across a much larger dataset than ever before.

    Insurers used to check a small sample of policies to find problems with sales or pricing. This took a lot of resources and only covered a tiny fraction of customers. RegTech, combined with advanced data analysis, can streamline this process. By looking at all their policies, insurers can identify potential issues more efficiently.

    Conclusion

    The traditional insurance industry faces pressure to keep pace with a rapidly changing digital world. Rising customer demands and innovative competitors threaten their position, but digital transformation offers a powerful set of tools to overcome these challenges and unlock new growth.

    Digital technologies can streamline internal processes, making them more efficient and cost-effective. This translates to a smoother experience for customers with faster processing times and simpler interactions. Additionally, digital tools let insurers analyse data more effectively and improve risk management and regulatory compliance.

    By investing in innovation, insurers can develop new products and services that meet evolving customer needs. This proactive approach strengthens their market position and lays the foundation for long-term, sustainable growth.

    • InsurTech

    Author

    Dan Brightmore

    Published

    2 September 2024

    Estimated Read time

    4Mins

    Fuelled by the Covid-19 pandemic and a projected market size of $166.4 billion by 2030, InsurTech companies are revolutionising the…

    Fuelled by the Covid-19 pandemic and a projected market size of $166.4 billion by 2030, InsurTech companies are revolutionising the insurance industry. 

    These firms offer digital alternatives in a typically slow-to-change industry. Furthermore, their innovative solutions have empowered traditional insurers to accelerate digitalisation and streamline processes. 

    These are the leading firms that have helped this traditional field both adapt and start rapidly catching up to efficiency trends associated with more dynamic industries.

    Introduction to InsurTech Innovation

    The insurance industry is undergoing a transformative shift fuelled by InsurTech. 

    Innovating technologies for insurers is about finding novel solutions to longstanding challenges and harnessing emerging trends to shape the future of the industry. 

    Insurance leaders are almost unanimous in recognising that innovation as not just important, but critical to future success. Moreover, insurers who fail to embrace InsurTech advances, and the wave of digital insurance products and opportunities they represent, risk falling behind in an increasingly competitive and dynamic industry. 

    Oscar Health

    Oscar Health built itself from the ground up with a tech-first approach focused on member service. This unique strategy aims to make healthcare more accessible and affordable for all Americans.

    Oscar’s commitment to exceptional service is reflected in its sky-high Net Promoter Score (NPS) of 50 and a near-perfect 97% member satisfaction rate for virtual care. With a presence in over 577 counties across 20 states, Oscar Health’s impact on the InsuTech industry is undeniable.

    NEXT Insurance

    A leader in small business insurance, NEXT Insurance offers easy-to-understand, digital coverage designed specifically for the self-employed. Also, their recently launched Copilot tool empowers agents to serve micro-businesses efficiently. Copilot streamlines the process for both sides. Business owners can get quotes and bind coverage online instantly, while agents gain a simplified workflow to boost revenue. 

    Vouch

    Since 2018, Vouch has emerged as a prominent force in the InsurTech space by transforming the way business insurance serves high-growth companies. Vouch recently launched AI Insurance, a groundbreaking product specifically designed to mitigate risks for AI startups in this rapidly developing field. 

    Hippo

    Hippo stands out for its proactive approach to homeowners insurance. Partnering with homeowners to implement smart home devices and personalised safety recommendations, Hippo prioritises preventing hazards before they occur. This commitment has secured their position as a top InsurTech firm, protecting over 200,000 homes across most US states.

    Bestow

    Bestow prioritises simplifying insurance and boosting financial security for everyone. It believes the process shouldn’t be daunting, so they leverage cutting-edge technology and data throughout the entire value chain to streamline everything. Furthermore, its commitment to innovation is evident in the recent launch of permanent life insurance and the addition of AI features to its underwriting workbench.

    QuanTemplate

    Founded in 2011, QuanTemplate uses machine learning and big data to empower businesses through digital transformation. Its core offering, a data integration, automation, and analytics platform, equips insurance professionals with the tools to unlock valuable insights and gain a deeper understanding of market dynamics.

    Dinghy

    Dinghy caters to the changing insurance needs of freelancers and businesses with its innovative pay-as-you-go model and focus on online and mobile accessibility. 

    This focus on accessibility is further enhanced through its partnership with ARAG, providing ‘Freelance Assist’. This is a unique package combining Dinghy’s flexible insurance with ARAG’s online legal resources tailored for freelance professionals.

    CoVi Analytics

    CoVi Analytics tackles both regulatory compliance and operational efficiency for insurers. Its AI-powered CORE platform automates complex reporting for evolving regulations, while the app suite featuring Policy 2.0 simplifies risk incident capture and boosts operational efficiency.

    ManyPets

    ManyPets, formerly known as Bought By Many, has emerged as a leading pet insurance provider by taking a unique approach to customer needs. 

    Born from a focus on analysing social media commentary, ManyPets uses customer feedback to shape its insurance policies. This customer-centric approach extends to its technology focus, making ManyPets the first pet insurance company to offer form-free online claims.

    Shift Technology

    Shift Technology provides a suite of AI-powered Software-as-a-Service (SaaS) solutions specifically designed to address the insurance industry’s needs. Its focus lies in fraud detection, empowering insurers with robust protection against financial losses, reputational damage, and cyber threats. 

    Key Factors for InsurTech Success

    Several key factors have fuelled the recent surge in InsurTech innovation. Digitisation plays a crucial role by speeding up information processing, leading to cost reductions, efficiency gains, and the development of new, customer-centric products.

    Additionally, personalisation is another key factor, enabling insurers to tailor services to individual needs and preferences. They consider factors like age, location, and lifestyle before providing quotes. Finally, advanced analytics capabilities provide valuable insights into consumer behaviour, allowing insurers to better target customers, while also offering real-time risk assessment data.

    • InsurTech

    Author

    Dan Brightmore

    Published

    23 August 2024

    Estimated Read time

    3Mins

    McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, reports Bloomberg. Faster adoption…

    McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, reports Bloomberg. Faster adoption of the technology is helping the consulting titan and its peers boost revenue, across industries like Insurtech, following a period of tumult.

    About 40 per cent of the New York-based firm’s client projects involve the technology. The number of AI-related customers in the past 12 months is approaching 500, Rodney Zemmel, senior partner and head of the firm’s digital business, said in an interview.

    “We believe the long- or the medium-term economic implications are very real,” Zemmel said. He was a final candidate in the recent global managing partner leadership elections at the firm. According to people familiar with the matter, who asked not to be identified discussing confidential information.

    Though there’s some degree of hype around AI, “we’re seeing the organisations that are doing that are getting value from it,” Zemmel said. “It’ll be a little longer, and maybe, a little harder than people think, but we’ve got no doubt that the value is there,” he added.

    AI adoption across Insurtech

    Among those deploying automation rapidly are the traditional and regulated industries such as banking and insurance, Zemmel said. In a June report, Citigroup Inc. said AI is poised to upend consumer finance and make workers more productive. Additionally, with a high potential for 54 per cent of jobs across banking to be automated. Citi also said that the technology could add $170 billion to the industry’s coffers by 2028.

    JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has called AI “critical” to his company’s future success. He also noted the technology can be used to help the firm develop new products, drive customer engagement, improve productivity and enhance risk management.

    The surge in automation has come as a relief for the broader consulting industry. It has been battling a slowdown in demand for its traditional services. McKinsey, Ernst & Young and PricewaterhouseCoopers have been cutting jobs to weather the slump. Furthermore, Accenture Plc shares tumbled in March after the company warned it’s seen financial-services customers, including Insurtech, rein in spending on its software.

    AI’s rise is also diverting some budgets toward specialist consultancies. Although AI-focused units like McKinsey’s QuantumBlack are growing rapidly, according to Zemmel.

    McKinsey – QuantumBlack

    McKinsey, which has advised everyone from the U.S.’ Pentagon to China’s Ping An Insurance Group Co., currently has about 2,000 people working across QuantumBlack. It has 7,000 staff in total in tech-related fields, according to Zemmel’s estimates. McKinsey’s headcount stood at about 45,000 globally as of 2023 and revenues were at a record $16 billion.

    Zemmel said that the firm is still evaluating how the use of AI will impact its own headcount over the longer run. McKinsey had earlier warned about 3,000 of its consultants that their performance was unsatisfactory and will need to improve.

    “We’re certainly planning on being agile about it,” Zemmel said. “One thing that’s clear is everybody in our organization’s going to need to know how to use AI and incorporate in their day-to-day work if they’re going to remain relevant to their clients.”

    • Artificial Intelligence in FinTech
    • InsurTech

    Author

    Dan Brightmore

    Published

    14 August 2024

    Estimated Read time

    3Mins

    The insurance sector is witnessing a growing adoption of digital insurance solutions. Machine learning (ML), artificial intelligence (AI), and embedded…

    The insurance sector is witnessing a growing adoption of digital insurance solutions. Machine learning (ML), artificial intelligence (AI), and embedded insurance are at the forefront of this wave across InsurTech.

    According to Acumen Research and Consulting, the InsurTech market is expected to reach $166.4 billion by 2030. This projection is reinforced by a high compound annual growth rate (CAGR) of 39.1 percent anticipated between 2022 and 2030. This growth is attributed to a surge of insurance technology innovations.

    Introduction to InsurTech

    InsurTech, short for “insurance technology,” combines traditional insurance practices with cutting-edge advancements in AI and blockchain. It plays a key role in transforming the insurance industry by making it more efficient, transparent, and accessible. Furthermore, automation, improved risk assessment, and tailored coverage options ensure the digital insurance industry meets evolving consumer demands.

    Digital Transformation

    InsurTech is a driving force behind the digital transformation of the insurance industry. This transformation isn’t just about software upgrades or automation. It’s a strategic shift that revamps core operations and how insurers deliver value to customers.

    Today’s consumers demand personalisation, speed, and convenience in everything, including insurance. They expect instant access to policy details and quick claims resolution—areas where traditional systems struggle. InsurTech empowers insurers to meet these changing demands by enabling customised interactions and faster service.

    Customer Experience

    InsurTech companies are transforming customer interactions with insurance. Convenience, speed, and personalisation are now priorities.

    This change is driven by a focus on improved customer experience. Digital platforms and mobile apps from InsurTech firms make buying policies, managing them, and filing claims easier. Self-service tools and chatbots provide instant support and assistance, reducing the need for traditional customer service channels.

    Efficiency gains with InsurTech

    A crucial element of InsurTech’s contribution to the insurance industry lies in claims management. InsurTech streamlines insurance claims by automating tasks with AI and ML. This means faster claim assessments, processing, and payouts for policyholders.

    InsurTech also boosts efficiency for insurers by automating tasks, which can lead to lower operating costs. These lower costs could potentially translate to reduced premiums for consumers. Consequently, digital insurance becomes more accessible and cost-effective.

    Case Studies

    Several insurance companies are demonstrating success through innovative InsurTech solutions. Chapter, for instance, uses online tools to connect users with advisors and advocates. These experts help people navigate the complexities of enrollment. They ensure people understand their options, deadlines, and how to choose the right plan for their needs.

    Health plan selection is another area where InsurTech is making a difference. GoHealth utilises a sophisticated platform powered by ML algorithms to match consumers with plans tailored to their unique needs. Licensed agents and dedicated telecare teams offer support throughout the selection process and beyond.

    Future Prospects

    InsurTech presents a future brimming with possibilities for the insurance industry. However, as more processes become digital, security concerns come into focus. Future Processing’s InsurTech survey revealed that 81 percent of respondents believe insurers need stronger cybersecurity policies.

    This underlines the need to revisit cybersecurity practices as digital transformation progresses. Looking forward, developments in AI and tools like ChatGPT, along with data privacy concerns, suggest quality will be the foundation of InsurTech’s future. By focusing on high-quality data and strong security, insurers can gain deeper customer insights and significantly improve the customer experience.

    • InsurTech

    Author

    Published

    1 August 2024

    Estimated Read time

    4Mins

    A closer look at how artificial intelligence, machine learning, blockchain, IoT, and more technologies are transforming the InsurTech space.

    Customer expectations are changing fast. Great digital experiences set the standard, no matter the industry. This means insurance companies are no longer competing only with each other, but with every positive digital experience customers encounter daily.

    Many companies are actively exploring new technologies and partnering with InsurTech firms to develop innovative tools. Others strategically shift resources to move successful pilot projects from idea to implementation. Regardless of their approach, many insurers are seeking ways to accelerate their digital transformation plans.

    Technology is changing how the InsurTech space serves its customers

    Technologies like artificial intelligence (AI), the Internet of Things (IoT), and cloud computing revolutionise insurance. Outdated systems are being replaced with modern solutions, which offer greater efficiency, security, and data-driven insights. 

    This digital transformation enables a new generation of insurance services. For example, automated claims processing uses AI to speed up workflows and payouts. Additionally, AI helps detect fraud to protect both insurers and policyholders. 

    Insurance technology is also improving the customer experience. From personalised plans to user-friendly interfaces, digitalisation is making insurance more accessible and convenient.

    AI and Machine Learning

    People want more personalised experiences with insurance products and services. InsurTech advances, powered by AI and machine learning (ML), can help insurers meet this demand.

    ML algorithms analyse massive amounts of customer data, including behaviour and habits. This allows insurers to tailor insurance products and services to individual needs and create unique customer journeys.

    Beyond personalisation, AI has the potential to streamline core insurance processes. AI can speed up claim processing and streamline underwriting. Faster data access and reduced human error lead to more accurate and efficient reporting.

    A report by McKinsey suggests that AI could significantly change the insurance industry. It could shift the focus from reacting to problems to preventing them. This proactive approach would benefit everyone involved—brokers, consumers, and insurers.

    Blockchain Technology

    Blockchain technology offers a powerful solution for data security. It stores vital insurance information, such as claims and payments, in secure blocks on a shared ledger. Any attempt to alter this data would change the entire chain and make tampering easily detectable.

    A study by Boston Consulting Group shows 60 percent of insurance companies are actively investing in blockchain. Additionally, 80 percent of C-suite executives in these companies believe blockchain has the potential to significantly improve efficiency.

    IoT and Telematics

    Many consumers are now willing to share personal data for lower insurance costs. This willingness unlocks the potential of the IoT in the insurance industry. 

    IoT automates data collection from various sources, like smart home devices, car sensors, and wearables. This data becomes a key source of real-world information for insurance technology. By analysing it, insurers can improve risk assessment accuracy and refine pricing based on individual behaviour.

    Telematics devices take personalised insurance a step further, particularly in car insurance. These devices, equipped with GPS and motion sensors, track driving habits in real time. They collect data on speed, location, time of day, and other factors linked to accident claims. This comprehensive data allows insurers to create even more tailored insurance policies.

    Case Studies

    Several insurance companies are already using InsurTech advances to streamline processes and improve risk assessment.

    For example, FRISS uses AI software to quickly detect suspicious claims. Their system analyses data to find possible fraud networks and hidden patterns. With this, FRISS cuts claims handling time by 66 percent and saves insurers money.

    Chubb Insurance is another example that shows the value of combining IoT devices with data analysis tools. By constantly monitoring environmental factors with sensors, Chubb can predict potential property damage. This proactive approach lets them offer personalised premiums based on risk profiles, ultimately helping policyholders avoid expensive incidents.

    Future Prospects

    Grand View Research projects the global InsurTech market size to expand at a compound annual growth rate (CAGR) of 52.7 percent from 2023 to 2030. This rapid transformation will be driven by advancements in various technologies, each presenting both opportunities and challenges.

    As more insurance processes become digitalised, concerns around cybersecurity naturally rise. A Future Processing survey underscores this concern, revealing that 81 percent of respondents believe insurers need stronger cybersecurity policies.

    The quality of data and security practices will be the cornerstones of successful InsurTech implementation. AI relies heavily on data, while strong security protects sensitive customer information. By prioritising these aspects, insurers can unlock deeper customer understanding and improve the customer experience.

    • InsurTech

    Author

    Dan Brightmore

    Published

    24 July 2024

    Estimated Read time

    3Mins

    An efficient and timely claims process is important in the insurance sector. Many companies use insurance technology or InsurTech innovations…

    An efficient and timely claims process is important in the insurance sector. Many companies use insurance technology or InsurTech innovations to streamline this complex process.

    The traditional insurance claim process is commonly stressful, lengthy, and vulnerable to fraud. However, by embracing digital innovations, such as AI, big data analysis, and machine learning, insurance companies can simplify this process and give a more positive customer experience.

    Role of InsurTech

    InsurTech solutions streamline claims processes by using user-friendly mobile apps or websites. Customers do not need to make cumbersome phone calls, paperwork, or office visits. Instead, claims can be initiated and managed seamlessly through the digital platforms.

    InsurTech accelerates the claims process, reduces turnaround time, and minimises customers’ stress. It also provides an opportunity for immediate insurance claim submission, such as after a car accident.

    Automation

    Digital insurance employs advanced technology like AI and automation, unlocking many benefits for customers’ claim processes. Reporting automation tools play an important role in claims processing by simplifying and accelerating the process.

    An automated system can be applied for data entry and extraction. AI algorithms can scan and extract document details from police or medical reports and automatically fill out digital claim forms.

    Meanwhile, automated chatbots allow customers to access around-the-clock services. Policyholders can ask questions, report claims, and get information more conveniently using this feature rather than relying on office time-bound human employees.

    Fraud Detection

    InsurTech enhances fraud detection in claims processing by using predictive analytics tools. Fraud detection is important for insurance providers to avoid false claims or exaggerated losses that can lead to significant financial losses.

    AI machine learning tools can detect suspicious patterns from a vast amount of data, allowing insurers to identify potential fraud.  This helps insurance companies reduce losses from fraud and mitigate potential risks.

    InsurTech Case Studies

    PwC reveals that 57 percent of insurance companies have invested in AI and machine learning technologies to enhance operational efficiencies.

    Lemonade, a digital insurance company for renters and insurance, has successfully used AI to underwrite policies and claims. The company achieved a faster and more transparent claim process for customers. The digital automated process also reduces the processing time and keeps costs down.

    Meanwhile, Metromile, an InsurTech company that provides pay-per-mile car insurance, offers AI-assisted automated claims named AVA. AVA can give guidance through damage photo collection and verify coverage. This system can also connect customers to repair shops and offer the option of reserving a vehicle if they have rental coverage.

    Future Prospects

    InsurTech’s potential impact on claims processing is expected to make a significant shift in the future. AI will be more integrated into the financial industry and will reshape the claim processes.

    According to McKinsey’s prediction, claims processing will be largely automated by 2030, with advanced algorithms handling initial routing. IoT sensors and emerging technologies like drones will replace traditional methods for reporting claims. Policyholders will also use video streaming for damage assessments that AI can immediately assess to detect fraudulent activities.

    Automated customer chatbots will manage most interactions, while human involvement will only be for complex claims and risk management. Integrated IoT and data aggregation will allow insurers to file accurate claims rapidly during major disasters.

    • InsurTech

    Author

    Dan Brightmore

    Published

    15 July 2024

    Estimated Read time

    5Mins

    InsurTech is an emerging sector of huge importance. It transforms an old and crucial industry by creating insurance technology that brings major tech advances to enable widespread change.

    The top InsurTech companies aim to revolutionise the industry with a rapidly evolving and advancing series of insurance technologies. All of these seek to make insurance more accessible and customer-centric. This improves insurance products and creates opportunities for new ones.

    By adopting a mobile-first approach, InsurTech reduces the need for face-to-face interactions. This means lower operational costs, allowing InsurTech startups to offer more competitive pricing models.

    The InsurTech landscape owes its growth to startups. These early-stage companies disrupt the insurance sector by bringing new tools to the game. These include AI, which can handle traditionally resource-exhausting and time-consuming tasks, such as determining the right policies to offer customers.

    According to a report by Spherical Insights, the InsurTech market was valued at $3.85 billion in 2021. Based on a CAGR of 52 percent, Spherical forecasts that it will grow to $166.7 billion by 2030. This growth is mainly fuelled by Insurtech startups. Read on to discover the top Insurtech companies to watch in 2024, as they make strides forward into a period of accelerating growth.

    According to a report by Spherical Insights, the InsurTech market was valued at $3.85 billion in 2021. Based on a CAGR of 52 percent, Spherical forecasts that it will grow to $166.7 billion by 2030. This growth is mainly fuelled by Insurtech startups.

    Read on to discover the top Insurtech companies to watch in 2024, as they make strides forward into a period of accelerating growth.

    1. Lemonade

    Lemonade brands itself as “an insurance company built for the 21st century.” With Maya, its cutting-edge AI tool, Lemonade can “craft the perfect insurance” coverage in as little as 90 seconds. The AI also contributes to the seamlessness of the insurance claims process, with customers needing to wait only three minutes after claim submission to get paid.

    In November 2023, Lemonade was serving 2 million active customers. It ticked the first million mark in 2020. Throughout the period, the premium per customer increased by 70 percent.

    In Q1 2024, the average premium per customer was $379, an eight percent increase year on year. The in-force premium was $749. The figure represents a 22 percent increase year-on-year and corresponds to total revenue growth of 25 percent.

    2. NEXT Insurance

    Next Insurance caters to small businesses, offering products such as workers’ compensation and equipment insurance. The company provides coverage for diverse professions, from contractors to entertainers.

    Next has developed an AI tool called Copilot, not to be confused with Microsoft’s AI with the same name. The tool allows insurance agents to increase operational efficiency and profitability by streamlining the quoting and binding process. It also helps reduce underwriting delays.

    Established in 2016, Next was serving 500,000 active customers in 2023, an increase from 420,000 in 2022. It has received $1.1 billion in funding from big-name investors such as Munich Re, Allstate, and Allianz X. Per November 2023, the company has a market valuation of $2.5 billion.

    3. Oscar

    The Oscar Health team provides digital-based health insurance. The company offers services for individuals and families. Through its app, customers can access remote health care anywhere, anytime. Established in 2012, Oscar has over 1.4 million customers across 20 states of the US.

    4. Metromile

    Metromile revolutionises automobile insurance with its premium-per-mile scheme. Premium rates are based on driving habits, which is claimed to allow customers to save around 47 percent, or $947 per year, compared to traditional car insurance.

    Metromile was acquired by Lemonade in 2022 for $145 million worth of LMND shares. In return, Lemonade took control of “over $155 million in cash, over $110 million in car premiums, an insurance entity with 49 state licenses, and precision data from 500 million car trips.”

    5. Asurion

    Asurion specialises in technology care. This InsurTech company provides electronic equipment coverage, catering to owners of smartphones, laptops, TVs, and smart home appliances. By using its services, customers gain access to quick repairs of only 45 minutes for their electronics through local repair experts and tech repair stores across the US.

    6. Zego

    Zego offers smart and flexible insurance coverage for self-employed drivers and fleets. A wide selection of insurance products is available to meet the needs of private taxi companies, haulage truck drivers, and courier vans. Zego became the UK’s first InsurTech unicorn in 2021 after raising $150 million, bringing its valuation to $1.1 billion.

    7. Hippo Insurance

    Hippo Insurance combines home insurance with smart home devices. The company provides customers with smart home monitoring systems to detect potential issues. These include leak sensors, motion detectors, and smart smoke alarms. In 2024, Hippo provides coverage for 200 US households.

    8. Pie Insurance

    Pie Insurance caters to small businesses. This InsurTech startup uses advanced analytics tools to determine the best premiums, considering comprehensive possible risks. The company aims to make insurance affordable and accessible to small businesses in the US.

    9. Clearcover

    Clearcover uses AI technology to speed the claims process up to just seven minutes. The startup has raised a total of $515 million over nine financing rounds. Its latest funding round was in April 2024, when it raised $55 million in a second Series E. The investment round was led by Omers Venture, with several undisclosed investors participating.

    10. Shift Technology

    Shift Technology is a claims fraud detection platform that uses AI to detect fake claims in real time. This InsurTech platform also detects underwriting risks and improper payments. Its financial crime detection feature ensures compliance with AML and KYC regulations. Shift’s technology speeds up the decision-making process, allowing insurance companies to operate with greater efficiency. With a market capitalisation of $2.89 million per June 2024, the company has raised $316 million since its inception in 2014, raising $219 million in its latest Series D.

    These top InsurTech companies are disrupting the market with advanced technologies such as AI tools. With their capabilities to streamline user experience, lower costs, and improve decision-making processes, these InsurTech startups will continue to challenge legacy insurance companies.

    • InsurTech