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Capgemini Press Release // World InsurTech Report 2021 Unprecedented access to capital investment fuels InsurTech and BigTech maturity and customer adoption

Nachrichtenquelle: globenewswire
16.09.2021, 06:00  |  431   |   |   

World InsurTech Report 2021: Unprecedented access to capital investment fuels InsurTech and BigTech maturity and customer adoption

For the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as incumbents seek strategic partnerships to remain competitive.

Paris, September 16, 2021 – Capgemini and Efma’s World InsurTech Report 2021, published today, reveals that InsurTechs and BigTech players are leveraging significant capital inflows to boost technological development and fuel innovation, turning up the heat on incumbent insurers. New age digital players are offering greater personalization and emphasis on customer experience, thus achieving maturity and customer adoption. In response, incumbents are attempting to strengthen their tech capabilities by partnering with or acquiring InsurTechs and shifting from “doing digital” to “being digital”.

According to the report, tech giants and InsurTechs have secured unprecedented access to capital allocation from investors and are bolstering their digital capabilities, increasing their lead as innovation frontrunners. Between 2018-2020, the 5 biggest tech companies and a famous auto manufacturer which offers insurance services added almost 2.5 times the total market capitalization of the 30 largest insurers globally in 20201. By the end of 2020, the total market cap of listed InsurTechs surpassed $22 billion 2. InsurTechs are fast becoming the investment du jour, with a range of investors supporting and enabling the wave of flowing capital. Opportunistic venture capitalists and private equity partners are deploying early-stage capital. While reinsurers are actively playing two critical roles: enabling InsurTechs through investments and providing essential underwriting capacity.

CARE becomes the industry secret sauce
The COVID-19 pandemic catalyzed customer intention to purchase insurance (up by 7%) and increasingly, policyholders are gravitating towards insurers that offer better ‘CARE’3, where Convenience, Advice and Reach are at the heart of designing and evaluating the effectiveness of their customer journey. Today, policyholders no longer waver when it comes to dropping a provider in pursuit of more relevant CARE solutions provider. For the first time, 50% of customers today are willing to consider coverage from a new age player.

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Capgemini Press Release // World InsurTech Report 2021 Unprecedented access to capital investment fuels InsurTech and BigTech maturity and customer adoption World InsurTech Report 2021: Unprecedented access to capital investment fuels InsurTech and BigTech maturity and customer adoption For the first time, 50% of insurance customers are willing to consider coverage from new-age digital players, as …

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