Insurers should offer consumers instant, flexible and digital quotes as insurtech funding nearly doubles in 2018
Global insurtech funding topped $3bn in 2018, an increase of 84.2% from 2017. Consumers are being offered more digital policies as start-ups continue to emerge, bringing new policies and approaches to insurance markets around the world, says GlobalData.
A key trend is the emergence of on-demand policies where customers can purchase insurance by the hour, day or week – normally using a provider’s app. Variations can be seen across a lot of personal lines, with flexibility becoming a key trend as start-ups offer home or gadget insurance, which can be adjusted at any time.
The UK has been at the forefront of the insurance industry modernization, with start-ups such as Brolly, Zego, Homelyfe, ByMiles and DeadHappy all offering flexible and digital policies across a range of different insurance lines. GlobalData’s Smart Money analytics show that UK insurtechs received the second-highest level of investment globally in 2018, with $9.8bn coming from 101 completed deals.
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