The rise of insurtech in the banking space ?? 2022 startup predictions, insurtech funding and more
A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments
The one thing every company in the financial services space needs right now is value. Commoditization in the financial industry has made it hard to have a differentiating product. For instance, a bank—whether traditional or online—is still, at the end of the day, a bank. While a digital-first (i.e., online) bank might have higher savings options than a traditional brick-and-mortar bank, it’s still difficult to stand out, as most features are similar, encompassing options for checking, savings, financial advice, etc.
Even now, most “traditional banks” have digitized their offerings, partnering with fintech companies to improve user experiences with tech. For example, Berkshire Hills, a community-dedicated bank, and fintech Narmi recently?partnered ?to enhance the customer experience with a new mobile app. While these partnerships are a step in the right direction, they’re not enough. The need to create differentiating values from other market players?has led to the rise of insurance technology (insurtechs) in the banking space.
Must-read insurtech stories
Policygenius has reportedly laid off about 25% of its staff. The number of employees affected is not confirmed but is believed to be around 170, according to multiple sources. One employee posted on LinkedIn today that he was among the 25% of staff that were let go.
The Italian insurance supervisory Authority (“IVASS”) published a press release whereby it informed the market about the launch of a survey aimed at obtaining information on the use of Machine Learning algorithms (i.e. complex algorithms capable of finding solutions by learning from input data and based on the experience, without the use of mathematical models and predetermined equations) by insurance undertakings in customer relations.
Want to know what’s coming down the pike for startups today? Explore ten startup predictions and trends to watch, plus ways to make them work for you.
Insurtech Reports and Studies
Although private market funding for insurtechs hit a new high in 2021, valuations of public firms have underperformed vis-à-vis the general stock market.?BCG experts explore how private capital flooded the insurance industry in 2021 driving total investments in insurance techs to new heights. Read more.
Post of the week
Why insurance?#CEOs should be technology?#geeks https://t.co/AmjYfz6Oop
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Investment and Startup Use Cases
Nice Deer connects medical service providers with insurance providers and improves contact between doctors and patients through a single-window portal. By enabling insurance and claim reimbursement, the business hopes to bridge the gap between health care providers, health insurance companies, and citizens.
The Series A funding will help Hourly expand beyond the state of California, where it was founded. The company aims to scale its insurance platform nationwide. Hourly’s user-friendly platform fuses three complicated products - time and attendance, payroll, and workers’ comp insurance - into one.
The company has partnered with mortgage or security system providers to integrate insurance at the point of sale in their products. For example, if a person is closing on a home, they have the option of purchasing Branch insurance at the same time. Partners include Homepoint, OpenRoad Lending and SimpliSafe, among others. This distribution model means that Branch shells out less to acquire customers and thus, it claims, is able to offer premiums for a lower price than competitors. But the startup also offers its insurance direct-to-consumer and through agencies.
Insurtech Digest Back Issues
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Board Member & Strategic Advisor
2 年Alberto Garuccio the return of universal financial services?
I'm into Innovation, Tech and Sustainability
2 年A special mention for recent?#insurtech?rounds. Well done to?Nice Deer Hourly and Branch?teams! ?? Steve Ian Tom S. Lior Haim Medhat
C-Suite Operating Executive | Board | Private Equity | Innovation | Transformation | Consulting |CEO| COO | AI | Fintech | Mergers&Acquisitions | Insurance/Digital Banking
2 年Very interesting read. LOQUAT Inc. is in the same space and making progress in the journey of digitization
Nigerian Insurance Personality | Board Member and DC, NAICOM
2 年Alberto Garuccio Thanks as always. Firstly, I think the incumbents are determined to be the drivers of their businesses both in banking and insurance. They'll patiently learn enough to swallow the tech firms over time. Unfortunately, it's the customers that'll suffer. Then, on the Post of the Week, I agree that more CEOs should be tech geeks in insurance if we want to sustain the value that insurtech is giving the sector.
A Social #Entrepreneur | Man of Excellence #Award Winner 2022 ??| #MSMEs #Consultant | #Insurance & #Reinsurance | #Financial #Portfolio #Management | #Succession Planner | #Insurtech Innovator | Low Code & Visionary..
2 年Alberto Sir, that’s disheartening story of policygenius either!