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Global InsurTech Industry Report 2022
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18 Jul 2022
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MUNICH | PARIS | LOS ANGELES | NEW YORK | July 18th, 2022 –– Drake Star is excited to publish the Global InsurTech Industry Report 2022, which provides an extensive analysis of interconnected trends, funding, and M&A activity and outlook for the transaction landscape in the InsurTech sector while profiling the most innovative and disruptive companies in the industry. According to our research, the widespread adoption of new technologies in the insurance industry in recent years has resulted in elevated InsurTech M&A activity, with >70 deals completed by June 2022 and a 60% increase in total InsurTech transaction volume in 2021.
Evolving consumer expectations for seamless service drive the evolution of the InsurTech industry, and insurers need to satisfy their customers while growing profitability and reducing operational costs. These expectations and needs now coincide with the increased availability of massive datasets and tools to manage, navigate and utilize them by applying innovative technology solutions.
Despite the current downturn in the InsurTech market (especially B2C business models), we are optimistic that the market will recover and meet the expectations. However, we also expect a massive market consolidation.
Key market highlights covered in our report:
- Global InsurTech market volume reached $10.6B in 2021 and is expected to grow to $158.9B by 2030
- Over the past five years, funding in the InsurTech space grew >35%
- 2021 saw more than 800 financing rounds and over $16.7B in funding for disclosed deals
- In 2021, total deal volume grew by 23% compared to 2020, with almost 50 private placements with at least $100 million of funding
- 85% of insurance companies see digitization as their number one strategic priority
- Major trends that will shape the future of digital insurance: embedded ecosystems, AI & ML, parametric insurance, blockchain, low code technology, etc.
A special thank you goes to those featured in the Q&A section for their invaluable contribution and insights:
- AON
- Rob Schimek, bolttech, CEO and Founder
- Christian Macht, Element Insurance, Chairman and CEO
- James Blackham, By Miles, Co-Founder, CEO, and Board Member
- Martin Young, Buckle, Co-Founder, CEO, and Board Member
- Simon Schneider, neoteq ventures, Founding Partner
- Marc Steven Schröder, Co-Founder and MP at MGV
- Carl Bauer-Schlichtegroll, Eos Venture Partners, Founding Partner
- Utena Treves, Moojo, Co-Founder and CEO
- Marcus Nagel, Leadgence, Board Member
- Clare Knight, DA|X, Co-Founder and CEO
- David Batchelor, Drake Star, Senior Advisor
- Thomas Hüerlimann, Drake Star, Senior Advisor
View & download our report – Global InsurTech Industry Report 2022
Drake Star InsurTech Team: Julian Ostertag, Christophe Morvan, Michael Metzger, Sam Levy, Mohit Pareek, Pablo Lundershausen, Tobias Berberich, Javier Santiago, Mathieu Gratzmüeller
Inquiries
For further inquiries, please contact:
Julian Ostertag
Managing Partner & Member of the ExCom | Drake Star
e-mail: julian.ostertag@drakestar.com | +1 415 683 6865
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Enquiries
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For further enquiries, please contact:
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Julian Ostertag
Managing Partner, Member of the Executive Committee
FinTech
Software/SaaS
Munich
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Christophe Morvan
Managing Partner
FinTech
Software/SaaS
Digital Services
Paris
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Michael Metzger
Managing Partner
Digital Media
FinTech
Los Angeles
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Sam Levy
Partner
FinTech
Software/SaaS
Digital Services
New York
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