Capital injections are enabling InsurTechs to increasingly make their presence felt
Tech giants and InsurTechs have secured unprecedented access to capital allocation from investors and are bolstering their digital capabilities and increasing their lead as innovation frontrunners, to deliver the CARE equation — customer Convenience, Advice and Reach, unlock analytics at scale, and enhance customer engagement. InsurTech full carriers are transitioning from competitors to insurance incumbents, while InsurTech enablers enjoy healthy growth through collaboration at scale with established insurers.
Digital technologies to optimize CARE make the difference for new-age players flush with investment capital: BigTech valuation increased 2.5 times the total market cap of the top-30 largest insurer in two years. And in 2020, InsurTech surpassed USD22 billion in market cap. As investment capital enables analytics at scale and turns data into value, a flywheel effect across the CARE equation will gain momentum.
Unprecedented access to capital gave BigTechs and listed InsurTechs a significant boost