Welcome to the Insurtech 100, a celebration of the companies leading the growth and innovation across insurance.
The 2019 listing is packed full of seriously well-funded, ambitious and tech-enabled businesses. They’re not held back by legacy systems, inhibited by culture or stalled by internal process. For them, profit plays second fiddle to growth and value creation.
Some are wholesale disruptors, others are playing nicely with incumbents. But none of this is news.
2019 represents a new chapter of Insurtech; a time where we step back from the noise, evaluate the impact a few years of heavily invested tech innovation has had on the industry, and sharpen the focus on delivering results.
Those insurance companies who have built and delivered new venturing units will have, by now, learnt what works for them and will start investing more heavily in opportunity creation.
There’s already a shift towards innovation originating from outside the industry, as companies adopt new technologies to actively shift their business beyond insurance.
For the startups and scaleups, there’ll be no dry-up of capital (last year’s cohort raised $1.3 billion in the past 12 months!) but they will start to face tough competition, especially those in Europe, as we start to see the influx from much better funded US and Chinese comparators.
Bottom line is the innovation in insurance is just getting started.