Insurtech – Thematic Intelligence

Reasons to buy the ‘Insurtech’ thematic intelligence report:

• This report provides a comprehensive analysis of the current state and future outlook of the insurtech industry.
• It examines the shifts in investment trends following rapid growth in 2020 and 2021, highlighting how rising interest rates and economic challenges in 2022 and 2023 have shaped a more cautious investment landscape.
• The report also assesses the ongoing impact of insurtech on traditional insurance companies, detailing how incumbents are responding to the innovations driven by startups.
• It includes a range of case studies and data-driven insights to illustrate the adoption and integration of these technologies across the insurance value chain.

How is our ‘Insurtech’ report unique from other reports in the market?

• Identify leaders in the insurtech space across a variety of disciplines.
• Determine how leaders use modern technologies to drive efficiency and reach new consumers.
• Recognize how incumbents are collaborating with insurtech companies to improve their own product offering and customer experience.
• Evaluate the strength of investment into the insurtech theme and ascertain the drivers behind changes.
• Position the key players making their mark in the Insurtech sector – broadly classified as Disruptors and Collaborators.

We recommend this valuable source of information to anyone involved in:

• ​Insurance Companies and Start-Ups
• Brokers/Agents, Financial Advisors; Underwriters/Insurers/Reinsurers
• Insight Managers/Marketing Executives/Strategy Teams/ Investment Analysts and Portfolio Managers
• Business Development and Market Intelligence
• Professional Services – Investment Banks, PE/VC firms
• M&A/Investment, Management Consultants and Consulting Firms

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Insurtech Thematic Intelligence Report Overview

The insurance sector is undergoing a rapid transformation driven by the demand for digital solutions that offer speed, simplicity, and convenience. Insurtech startups are at the forefront of this revolution, utilizing cutting-edge technologies to redefine the insurance landscape. In 2024, insurtechs are leveraging technologies such as big data analytics, artificial intelligence (AI), the Internet of Things (IoT), and many others. These technologies drive new business models and create unique value propositions that resonate with modern consumers.

The insurtech thematic intelligence report provides comprehensive insights into the insurtech theme and how integrating emerging technology trends such as AI and big data will impact the insurance industry. It also examines the shift in investment trends amidst rising interest rates and ongoing socio-economic challenges. The report further entails a deep-dive analysis of the industry, including several real-life case studies that showcase how companies have responded to the impact of this theme on their operations. It includes value chain insights, sectoral scorecard analysis, market players, and the competitive landscape within the theme.

Key Insurtech Trends
The key trends that will influence the insurtech theme during the next 12 to 24 months are classified as technology, regulatory, and macroeconomic trends.

Technology Trends: The rising adoption of transformative technologies such as AI, IoT, big data, generative AI, cloud computing, and cybersecurity will impact the insurtech theme in the forthcoming years. For instance, AI-powered chatbots and virtual assistants are now commonly used to handle customer inquiries and claims processing, consequently improving response times and customer satisfaction levels. Insurtechs also leverage AI to streamline underwriting, reducing costs and enabling competitive pricing.

Macroeconomic Trends: A few of the macroeconomic trends impacting the insurtech theme are the changing economic landscape, including high inflation rates, rising interest rates, and low consumer and business confidence; digital transformation due to shifting customer expectations; and demographic shifts influencing preferences and behaviors.

Regulatory Trends: Robust cybersecurity measures, data protection regulations, and AI and insurtech regulations will impact the insurtech sector in the coming years.

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Insurance Industry Value Chain Outlook

The insurance industry value chain components are product development, marketing & distribution, underwriting & risk profiling, claims management, and customer service.

Product Development: Product development is the inception stage of the insurance value chain. Insurers, product managers, and actuaries collaborate to create innovative insurance products to meet evolving consumer requirements. The goal is to develop competitive, financially viable products aligned with customer demands.

Insurance Industry Value Chain Analysis
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Insurtech – Competitive Landscape

The leading disruptors making a mark in the insurtech theme are:

• Acko
• Bima
• Bowtie
• By Miles
• Bright Health Group

The leading collaborators that provide digital platforms, technological tools, or SaaS to insurance companies are:

• Allianz
• Aon
• Bdeo
• Bolttech
• Charles Taylor

Leading Companies Leveraging the Insurtech Theme
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Sector Scorecard Analysis

Life Insurance Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

• The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.
• The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.
• The risk screen ranks companies within a particular sector based on overall investment risk.

      The other sector scorecard provided in the report is:

• Non-life insurance sector scorecard

Thematic Screen
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Scope

• According to GlobalData’s Deals Database, as of June 2024, there have been 77 insurtech deals, amounting to $3.59 billion. This represents 39.1% of the total deal volume and about 45.8% of the total deal value compared to the whole of 2023, which had 197 deals worth $7.83 billion.

• Since 2019, North America has been the predominant hub for insurtech investments, accounting for $46.2 billion in deals, which represents 69.4% of the total global investments.

• As per GlobalData’s 2023 UK Insurance Consumer Survey, 80.4% of consumers indicated that they would not buy insurance from an insurtech brand.

Key Highlights

• Emerging technology trends such as AI and big data are beginning to shape how people work across industries. The impact of such technologies will only increase.
• Macroeconomic trends are also impacted by zero-hour contracts and the gig economy changing how many people work.
• While the world has moved on from COVID-19, it had a significant and lasting impact on the workplace.