Techstars Insurtech Digest - Issue #64 is out?? Digital partnerships: unlocking the $10 Billion Opportunity in Insurance 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
This week we have 12 resources you shouldn’t miss!
Waymo says the money will help further its mission to bring its autonomous ride-hailing service to more markets. Currently, the company’s robotaxis are only available in to the public in Arizona in an approximately 100-square-mile service area that includes the towns Chandler, Gilbert, Mesa, and Tempe. Waymo also allows riders to take trips in its fully driverless vehicles without a safety driver in the front seat — though the service area for those vehicles is only about 50 square miles.
Must-read insurtech stories
?After getting Canadians fired up about Budweiser’s venture into the insurance business last week, the brand has provided more details on their lifestyle-based insurance plans launching this summer. Taking a modern spin on traditional insurance, the brand has announced that they will be offering barbeque insurance to help protect Canadians highly anticipated grilling get-togethers all summer long.
As disruption to international travel continues, buying good quality insurance has never been more important. While some travel insurers boast of offering impressive-sounding ‘Covid cover’, UK-based consumer organisation Which? found that this means different things for different providers. It found that many policies exclude plausible – and often expensive – scenarios, such as new lockdowns in the UK or?the destination country.
Global economic growth is expected to recover this year after the pandemic-induced recession in 2020. This will help to build macroeconomic resilience again, but there will not be a return to pre-Covid-19 levels of resilience in 2021. The global insurance protection gap reached a new high of around US$1.4 trillion in 2020, yet global insurance resilience is expected to grow in 2021 due to increased risk awareness.
Insurtech Reports and Studies
The rapid growth of Southeast Asia’s digital economy is creating new opportunities across industries. In insurance, partnerships between major digital companies and experienced insurers will drive a market transformation, opening up new opportunities worth over USD10 billion in insurance premiums over the coming five to ten years. Creating the right framework for success will be critical for effective collaboration. Insurance companies must evolve their traditional mindset, technology, and product development cycles to engage with the fast-paced customer-centric strategies of digital companies, and the rising expectations of customers for a personalized and smooth user experience. This needs to be underpinned with effective partnership structures and new commercial agreements suited to an open-architecture world, and alignment on key performance indicators (KPIs) and operational role sharing. In this article, we take a deeper look at the nature and scale of the opportunity, frameworks for successful partnerships, and operational requirements to drive value, drawing on research and client experience across a broad range of digital players and insurers in Southeast Asia.
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Investment and Startup Use Cases
Auto data startup Wejo, backed by General Motors Co (GM.N),will go public through a reverse merger with blank-check company Virtuoso Acquisition Corp (VOSO.O) in a deal that values the British company at $800 million including debt, the companies said on Friday.
Honey Insurance launches with $15.5M AUD, the largest seed round ever for an Australian tech startup
Established last year, the startup (a team of ~17) provides home, renters, and landlord insurance underwritten by RACQ. In addition, Honey claims it gives out home sensors and that homeowners receive up to an 8% discount on their home and contents premium as “a thank you” for using sensors to monitor against common risks like fire, water damage, and break-ins.
As the insurance industry adjusts to life in the 21st century (heh), an AI startup that has built computer vision tools to enable remote damage appraisals is announcing a significant round of growth funding.?Tractable, which works with automotive insurance companies to let users take and submit photos of damaged cars that are then “read” to make appraisals, has raised $60 million, a Series D that values Tractable at $1 billion, the company said. Tractable says it works with more than 20 of the top 100 auto insurers in the world, and it has seen sales grow 600% in the last 24 months, which CEO Alex Dalyac told me translates as “well into eight figures of annual revenue.” He also told me that “we would have grown even faster if it weren’t for COVID.” People staying at home meant far fewer people on the roads, and fewer accidents.
Insurtech Digest Back Issues
Insuring the climate transition, InsurTech and open banking: Insurance modernization pillars and more. Look at these resources in our latest digest.
Wefox, Novidea, Bought by Many | From Risk Transfer to Risk Prevention and more. This week we have 12 resources you shouldn’t miss!
Are Insurers Prepared for the Fully-Connected Future? | The Future of Insurtech in Southeast Asia and more.
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InsurTech Wizardess ??♀?
3 年Always a good read, thanks Alberto Garuccio! Interesting to know that there’s actually a lesser than expected ratio of insurers actually offering a good covid cover ??
Thanks Alberto Garuccio for the great insight provided Ecosystem/ Platform enablement will be one of the key factors to Foster the collaboration in the digital economy
Experienced Customer & Marketing Leader | Brand Builder | Result Oriented Business Leader
3 年Digital partnerships will be a key driver to tap unserved market.Alberto Garuccio
Founder @ Storiversity
3 年Very insightful Alberto!
Expansion Manager driving business growth across Africa through Strategic Partnerships | Tech Sales | Portfolio Management | Business Development
3 年An excellent compilation Alberto Garuccio Grazie.