Annual report from Aite-Novarica Group provides an overview of 300 startups for insurers learning about InsurTech
Boston, MA (Dec. 7, 2021) – While the pandemic had a significant impact on insuretech in 2020, investment rebounded in 2021 with the release of travel restrictions, reopening of conferences, and maturation of insuretech companies to meet the needs of insurance carriers and better explain their use cases. In its fifth annual report, Insuretech Startup Index 300, research and advisory firm Aite-Novarica Group provides an overview of 300 insuretech startups, indexing them on their lines of business and the parts of the insurance enterprise value chain they support.
“Not every insuretech startup will interest every insurer,” said Stephanie Dalwin, an Advisor at Aite-Novarica Group and co-author of the new report. “However, every insurer should take stock of what is happening in the space and learn the lessons that will make their organization stronger. The insuretech market is continuing to mature, and with it comes an abundance of partnership, opportunities, and lessons from insurers.”
Among the key findings of the report are:
- Investment in insuretech continues to be strong. After an initial slowdown, investment increased throughout 2020 and continued into 2021.
- Startups are maturing, and the market reflects this trend. Startups are increasingly founded by industry veterans and are focused on more complex back-end processes like underwriting and claims processes. Concurrently, startup funding rounds are getting larger.
- AI, data extraction, and low-code/no-code are becoming ubiquitous. Startups continue to address insurer pain points across the insurance life cycle, and they are bringing their expertise in emerging technology to increase automation and efficiency.
Click here to access the report.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Acquisition, Aite-Novarica Group, coronavirus, epidemic, InsurTech, Mergers & Acquisitions, startup