Insurtech attracts investments from leading VCs.
Startups in the insurtech space start to shape the future of the industry and challenge the incumbents. There are many examples in auto insurance, health insurance, property insurance, etc.
“The insurance industry has been historically slow to adopt new technologies, but the pandemic has accelerated digital initiatives as many insurers had to sell and interact with customers remotely, underwrite assets without physical inspection, or adjust claims virtually. VC firms are keen to plow money into startups developing new approaches to traditional activities, which are increasingly threatening incumbents who lack a digital edge.”
In the first five months in 2021, “European insurtech startups have surpassed 2020’s total for capital invested by over $1 billion, now standing at just over $1.9 billion across 52 deals. “
Source: Europe’s insurtech market soars to new heights with latest VC rounds