Insurtech
Insurance technology, also known as InsurTech, is an economic industry composed of companies that use technology to make insurance services more efficient. Insurance technology companies are generally startups founded with the purpose of disrupting incumbent insurance systems and corporations that rely less on technology (including software, data and imagery). Until 2015, InsurTech was covered by FinTech.
Definition[edit]
The term InsTech first came into regular use in the first half of 2015 within the London Insurance Community.[1] It was rapidly followed by InsurTech which has gained broader usage.[2]
Awards and recognition[edit]
The sub-sector is still new enough that there are no major publications that are yet offering a structured view on the players. Some interim activities exist such as the InsTech London Power 100. Both CBInsights and VentureScanner are now tracking InsurTech as a sector independent of FinTech. In 2016 a number of new awards are starting focused specifically on the space. These include the European IoT Insurance Awards.
Growth[edit]
The growth of the ecosystem has been rapid, especially since Q4 2015. Events such as Lloyd's FinTech, Talis Capital,[3] and others demonstrate this.
Startupboot Camp created an InsurTech branch which has been a driving force of the growth. Numerous other InsurTech incubators and accelerators started up in 2015 and 2016. An InsTech London "InsurTech Accelerator Showcase" event will give a good oversight.
The InsTech London group, founded by Paolo Cuomo (COO, Charles Taylor Managing Agency) and Robin Merttens (previously of Ri3k) is also at the heart of the growth.
What next[edit]
The speed of change remains rapid with numerous events coming up and significant investment.[4]
Increased focus by Lloyd's of London and the London Market TOM programme will shape things within London. The launch in 2016 of the London Market Innovation Exchange was an important step to InsurTech becoming seriously considered within the Lloyd's and London insurance markets. The initiative includes an InsurTech Insights page based on Passle technology.
References[edit]
- ↑ https://www.linkedin.com/pulse/whats-name-instech-vs-insurtech-insuretech-paolo-cuomo
- ↑ https://www.linkedin.com/pulse/whats-name-instech-vs-insurtech-insuretech-paolo-cuomo
- ↑ https://twitter.com/hashtag/talisInsurTech2016
- ↑ http://insights.instech.london/post/102dcg2/q1-2016-was-a-good-quarter-for-insurtech-startups
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