Table of Contents
01 Future of Connected Insurance Ecosystems
02 The Insurance Monthly Roundup
03 Resilience-focused Transformation Strategies for APAC Insurers
04 The State of European Insurtechs
05 Cyber Liability Insurance Make Inroads in India
Future of Connected Insurance Ecosystems
COVID-19, which has massively pushed consumers to use purely digital services (contracting financial or insurance products through platforms, telephone and video calls; an increase in purchases of goods in e-commerce and digital retailer platforms). This has only served to strengthen alliances between different players in the ecosystem: millions of digitized customers, who can be impacted with offers of products and services in channels previously unimagined. Carriers must be where their customers are and create Tech Giant-type experiences.
Key Insights:
- Smart Mobility Ecosystem
With regard to insurance mobility, by promoting Usage-Based Insurance (UBI). Telematics will continue to grow its potential helping insurers to improve on their customer interactions, providing hyper-personalization through real-time data platforms and pay-per-use pricing models.
35 companies belong to the Smart mobility ecosystem (which represents 16% of the total), and of these, only 30 received investment during 2020. The total investment figure in 2020 in the ecosystem was 369 million dollars, which represents 6.1% of total investments in 2020.
Ex: Clearcover, Buckle, The Zebra
- Healthy Living
Of 793 insurtechs, 221 correspond to the Healthy Living ecosystem; and of these, only 68 received investment in 2020. This investment amounted to almost 2 billion dollars, and it was the ecosystem that received the most funds in the past year (32% of the total). The majority of companies that received most funding are predominantly based in the United States, China and Europe.
Ex: Bright Health, Waterdrop, Oscar Health
- Home Ecosystem
78 companies belong to the Home ecosystem (which represents 9.62% of the total figure), and of these, only 23 received investment during 2020.
The total investment figure in 2020 in the ecosystem was 910 million dollars, which represents 15.04% of the total investments in 2020.
Ex: Hippo Insurance, Luko
