A new report from Startupbootcamp Insurtech, in partnership with PricewaterhouseCoopers, analyses the current landscape for insurtech, and reveals some surprising figures.
The report – Breaking Boundaries: How insurtech is moving beyond insurance – summarises eight primary findings. The first is that 61 per cent of the more than 1,000 applications that Startupbootcamp receives come from startups operating outside the insurance sphere, suggesting that collaboration with ancillary industries is a potential goldmine for insurers to exploit. Forty one per cent, meanwhile, have AI as a cornerstone of their proposition, which could considerably raise the value of insurers’ data. The report also finds that 84 per cent of surveyed Startupbootcamp partners are interested in cybersecurity; applications from startups working in this sphere have tripled over the past three years.
The report also notes a dramatic fall in applicants focusing specifically on customer interaction, with only five per cent favouring this area, while 20 per cent of applicants support working to improve operational efficiency. Startupbootcamp has additionally found that insurtech has inspired insurers to think bigger in terms of innovation, and that disruption is as likely to come from specialised startups working with reinsurers as it is to come from established tech giants.
The eighth key finding is a tentative positive for gender diversity, with the number of startups with female founders and co-founders rising from 16 per cent in 2017 to 23 per cent in 2018. There is still clearly a way to go, but the upward trend is encouraging.