Insurtech has transitioned from disruption to collaboration between startups and incumbents. Investment growth has slowed, leading to a focus on value-driven businesses. The key focus areas within insurtech are distribution, B2B support, and risk origination. Regulatory challenges require collaboration between insurtech startups and established players. Digital transformation, exemplified by EMC, emphasises technology, people, and challenging business models. Betterview specialises in property intelligence and risk assessment, providing actionable insights for accurate risk assessments and underwriting decisions.

Investment in insurtech has experienced significant growth, with billions of dollars flowing into the industry. External investors, particularly technology venture capital firms from Silicon Valley, were attracted by the perceived growth opportunities and potential disruption within the insurance sector. However, the investment landscape has recently shifted. Funding has decreased due to macroeconomic factors and a realisation that the promised value from previous investments has not materialised as expected. Investors are becoming more discerning, seeking the expertise of insurance professionals before making further investments. While the investment numbers have declined, a few mega-round deals (above USD 100 million) continue to drive the headlines, highlighting the concentration of funding in a small number of companies…

Session speakers:

• Pavan Goteti, VP Innovation & BPM, EMC Insurance Companies (USA)
• Andrew Johnston, Global Head of Insurtech, Gallagher Re (USA)