FT Partners has published a detailed report titled “Prepare for the InsurTech Wave: Overview of Key Insurance Technology Trends” that covers the dynamic InsurTech sector and provides useful insights to their clients and industry executives on the trends in the sector. The report provides in-depth insights at the major waves of innovation and disruption that are drastically changing the insurance industry.
The report evaluates the key trends in the InsurTech sector and also sees a rapid increase in InsurTech start-ups targeting all areas of the multi-trillion dollar global industry. In 2014, the total premium in all insurance sectors was USD 1.99 trillion. In U.S alone, there are more than 6000 insurance companies which employ more than 2.5 million. As per the report, the trend has started now where every component of the insurance value chain – from marketing to underwriting to sales & claims is being revolutionized. Some innovators are creating new tools that are aimed to involve consumers more in their insurance policies, some are looking to enhance and digitize operations of existing insurance ecosystem, while some others are targeting the biggest opportunity by creating entirely new insurance carriers and distribution models.
The report has industry landscape section which highlights the numerous verticals and areas of focus, visually depicting the complexity and scale of the InsurTech sector. The InsurTech market is very big and there are hundreds of companies into it and each is having its own unique approach to disrupt the space. The amount of financing and deals has also seen an increasing trend over the years. Total private financing in 2015 was USD 2617 million for 97 deals as compared to only USD 133 million for 19 deals in 2010. It also lists out recent insurance tech financings and also lists profiles of established companies.
Financial Technology Partners (FT Partners) was founded in 2001 by Steve McLaughlin. It is the only investment banking firm focused exclusively on providing top-tier strategic and financial advisory services on Fintech. The firm was named as Investment Banking Firm of the Year in 2016 and Deal Maker of the Year in 2015 and has offices in San Francisco and New York.
The full report can be downloaded by clicking here.