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
  • 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!

  • 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
  • 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

Harry Menear

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