Over the past few years property/casualty insurance companies have been vigorously active as investors in technology startups and in partnerships with complementary technologies and ecosystems (drones, smart homes, car sharing, cyber risk management).
Established Insurers are also launching new brands and businesses. Munich Re’s Nexible, an online auto insurance portal, is one of many examples.
On Thursday March 23, CB Insights’ lead intelligence analyst Matthew Wong conducted a webinar on trends in P/C Insurance Tech. Here are some of the highlights from the webinar:
- Mentions of technology in earnings calls of major P/C carriers nearly quadrupled in the 3rd quarter of 2017 compared to the prior quarter.
- P/C insurance tech start-ups have raised over $3 billion since 2012.
- The U.S. leads the number of tech deals, with the fastest growing markets such as India, Saudi Arabia and Indonesia lagging. Europe is seeing an uptick in P/C startup activity.
- Many insurance tech startups are partnering with the real estate industry
- More startups are targeting small and medium sized businesses
- More startups are gearing to distribute cyber insurance
Slides from the Trends in P&C Insurance Tech webinar are available for download here.