The InsurTech sector continued its rapid expansion last year setting a new annual funding record at $13.4bn, nearly double the $7bn capital invested in 2020. Deal activity also reached new heights at 491 with a notable increase in large funding rounds of over 100m. This continued growth comes as Insurance companies look to digitally transform their business. According to Forrester, 50% of insurance companies have digitally transformed their business and 11% are currently transforming their business. Examples of these digital transformations are updating existing pricing models using new AI modelling tools and offering new services to improve efficiency in areas such as online insurance quotes and claims management.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2021 FinTech Global