If proof were needed that insurance technology – or insurtech – is a growth industry, a glance at the latest Pulse of Fintech report will confirm it. KPMG International and CB Insight’s quarterly blog analysing global venture capital trends states that more than £1bn in venture capital was invested in insurtech in the first half of 2016. It also shows that while insurtech has surged, investment in fintech firms fell by nearly 50 per cent during the same period.
Murray Raisebeck, a partner at KPMG UK, said: "In 2015, insurtech came into its own, attracting $2.5bn of venture capital investment, a massive leap compared to the previous four years. And 2016 is on track to be another strong year as many traditional insurers are increasingly creating their own venture capital funds in order to invest in technology companies."
The report notes that the UK is leading the insurtech space for healthcare, motor insurance and data management. It adds that, as digital technology becomes ever more essential across the entire insurance chain, traditional insurers are looking to insurtech companies to secure their futures.
RDT has always been at the cutting edge of general insurance innovations. In 1995 it created the world’s first website that allowed customers to buy insurance online, and in 2014 it built the first platform for truly centralised data enrichment and pricing, which returns more than 25 million quotes per day. Today RDT maintains a number of long-term partnerships with insurers who are staying comfortably ahead in an increasingly tough market.
Murray Raisebeck, a partner at KPMG UK, said: "In 2015, insurtech came into its own, attracting $2.5bn of venture capital investment, a massive leap compared to the previous four years. And 2016 is on track to be another strong year as many traditional insurers are increasingly creating their own venture capital funds in order to invest in technology companies."
The report notes that the UK is leading the insurtech space for healthcare, motor insurance and data management. It adds that, as digital technology becomes ever more essential across the entire insurance chain, traditional insurers are looking to insurtech companies to secure their futures.
RDT has always been at the cutting edge of general insurance innovations. In 1995 it created the world’s first website that allowed customers to buy insurance online, and in 2014 it built the first platform for truly centralised data enrichment and pricing, which returns more than 25 million quotes per day. Today RDT maintains a number of long-term partnerships with insurers who are staying comfortably ahead in an increasingly tough market.
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