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1、LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTILES WITH SHADOWALIGN HERE TEXT BOXESUSE THESE FOR ANY TEXT BOXBUTTONSALIGN HEREPALETTESALIGN HERE TILES/POINTERSALIGN HERE The State of Global Insurtech2023Ju
2、ne 29th 2023FINTECHIMPACTMRKTPLCSFOODTECHDEALROOMSIGNALTitle H1SubtitleParagraphValuesCaptionCall to actionCall to actionTitle AdsCover TtlQuoteWit titleNNNNDatawrapper folderPage/2 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTE
3、NT/SOURCES/INSPIRATIONEuropean early-stage venture capital firm investing in B2B technology companies.Benchmark insurer in the Spanish market and largest Spanish multinational insurance group in the world NN Group is an international financial services companyMundi Ventures is a global venture capit
4、al firm with 500M AUM that invests in the leading Insurtech innovation,with a clear,but not limited,European focus.The Mundi Insurtech Fund has built a truly unique value proposition for Insurtech startups:it is indeed a fully independent VC Fund,backed by several international insurers,mutual funds
5、,and family offices investors from USA,France,Spain,The Netherlands Switzerland,Middle East,and Luxembourg.Mundi is invested in 6 unicorns,including Wefox(Berlin),Bolttech(Singapore),Betterfly(Santiago,or Shift Technology(Paris).MAPFRE is a global insurance company.It is the benchmark insurer in the
6、 Spanish market and the largest Spanish multinational insurance group in the world.MAPFRE is committed to boosting customer-centered digital transformation,via MAPFRE Open Innovation(MOi),and creating a positive impact on the business and society.Since its inception,more than 1.6million customers ha
7、ve benefited from solutions originating from this model.Please,click here for more information about MOiNN Group is active in 11 countries,with a strong presence in a number ofEuropean countries and Japan.With all its employees,the Group provides retirement services,pensions,insurance,banking and in
8、vestments toapproximately 18 million customers.NN Group includes Nationale-Nederlanden,NN,ABN AMROInsurance,Movir,AZL,BeFrank,OHRA and Woonnu.NN Group is listed onEuronext Amsterdam(NN).DESIGN CONTENTEstablished in 1831,it is present in over 50 countries in the world,with a total premium income of 8
9、1.5 billion in 2022.With 82,000 employees serving 68 million customers,the Group has a leading position in Europe and a growing presence in Asia and Latin America.At the heart of Generalis strategy is its Lifetime Partner commitment to customers,achieved through innovative and personalised solutions
10、,best-in-class customer experience and its digitalised global distribution capabilities.The Group has fully embedded sustainability into all strategic choices,with the aim to create value for all stakeholders while building a fairer and more resilient society.Global startup&venture capital intellige
11、nce platformGenerali is one of the largest global insurance and asset management providers.Dealroom.co is the foremost data provider on startup,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent inv
12、estors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Page/3 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONKey TakeawaysThe funding envi
13、ronment has toughened,but early stage funding and some leading private players show that opportunities still exist for quality startups.Insurance is still a strongly underfunded market,especially in areas such as life insurance.Operational efficiency is now a must for insurtechs and insurers.Insurte
14、ch startups are enabling operational efficiency through the whole value chain.VC investment pulled back over 50%in H1 2023 YTD compared to H1 2022 and nearly 4x from peak.Insurtech funding is now back to 2018-2019 levels.The pullback has been mostly at late stage which is down over 60%from peak,whil
15、e early stage has stabilized at a nearly 30%drop.While public insurtech valuations have plummeted,several leading private insurtechs have been able to confirm or even increase their valuation in recent months.Insurtech represents a massive$7 trillion opportunity,larger than the Mobility market which
16、 received though 5x more funding in 2022-2023.Also Financial Services represents a less than double market size,but received nearly 10 x the funding.Insurtech has also largely focused on the P&C market which attracted over 60%of the funding in the latest years.Life insurance has been particularly un
17、derinvested and still awaiting for much needed change.Insurance was never a growth at all cost market,but the recent financial tightening has stressed this again.Distribution is still attracting the most funding,but new approaches from hybrid distribution to embedded insurance are still opening new
18、avenues there.AI was already heavily used by insurance,with variable impact across the value chain,such as in claims automation.Now GenAI opens new possibilities,but it is still to be fully understood which processes will be more impacted.Global insurtech VC fundingDESIGN CONTENTWe are still early i
19、n insurtech,but theres more disruption yet to come.Insurtech funding has slightly cooled off,mostly at late stage,but there is a$6 trillion opportunity still to unlock.Insurtech startups are heavily underfunded compared startups targeting industries of similar market size like fintech,health and mob
20、ility.Late stage slowing down,but innovation at early and medium stages stronger than ever.In the new funding environment,global insurtech funding has pulled back almost 50%in Q1 2022 going back to pre-pandemic levels.The pullback has been mostly at late stage,while the number of early and medium st
21、age set a new record in Q1 2022.Europe posted its second best quarter ever in Q1 2022 and is closing the gap with the US,which saw the strongest pullback.The insurance industry is being shaped by several important transitions.Many trends are shaping the future of insurance.The insurance industry is
22、shifting from risk transfer to prevention.The transition to net-zero and ESG is top of the agenda for insurers and insurtechs.The silver economy offers huge opportunity for insurance to address the needs of a generation.Global VC funding(2016-2022,$B)Global insurtech VC fundingNet-zero and ESGDistri
23、bution:agents and embedded insuranceCyber and cryptoPrevention:IoT and rewarding behaviorsSilver economyHealthFintech(ex.Insurtech)TransportationInsurtech43297323361$1.4B$2.3B$4.8B$2.9B$1.4BQ12022Q12021Q12020Main takeawaysUpdated at the endMobilityFintech(ex.Insurtech)InsurtechLife insurance0.215.87
24、.3$2.4B$4.4B$7.2B$3.4B$3.4BH12022H12020H12019TO BE UPDATED at the endOperational efficiencyGeneral on opportunity?Late stage slowing down,but innovation at early and medium stages stronger than ever.In the new funding environment,global insurtech funding has pulled back almost 50%in Q1 2022 going ba
25、ck to pre-pandemic levels.The pullback has been mostly at late stage,while the number of early and medium stage set a new record in Q1 2022.Europe posted its second best quarter ever in Q1 2022 and is closing the gap with the US,which saw the strongest pullback.DistributionProduct&underwritingClaims
26、 automation&fraud managementPaymentsWhole value chain enhancersBack-office industrializationAI(inc.GenAI)Open InsuranceKey insurance processesH12023TD*H12021Insurtech$10B,$7T market size 1,42B/T 1Fintech$100B,$12T market size 8,33B/T 5.8Mobility$62B,$6T 10.3B/T 7.3$1B,3.1T 0.322$1.8BH12018Distributi
27、onProduct&underwritingClaims automation&fraud managementPaymentsGlobal VC funding/market size(2022-2023YTD)Indexed at 1 for insurtechGlobal insurtech VC fundingSource:Dealroom.co.*Data up to 2nd June 2023.1234Whole value chain enhancers AI(inc.GenAI)Back-office industrialization Open InsuranceDistri
28、butionProduct&underwritingClaims&fraud managementPaymentsPage/4 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:A big thanksContributions and insights from conversations with:Why this report?The insurt
29、ech industry has been on a roller coaster in the last two years.Insurtech came firmly into the venture capital scene in 2020-2021 before falling into a disillusionment phase due to the poor performances of a few notable players and a broader market downturn.The so-called“death of Insurtech 1.0”has c
30、ast the whole insurtech space away from the spotlight,but the insurance industry is still a massive market undergoing major transformations.Insurtech is still a massively underfunded area.We believe in its medium and long-term success when moving away from growth-at-all cost and focusing on operatio
31、nal efficiency and profitability,guided by deep insurance expertise and tech.With this report,we want to bring transparency through data and qualitative insights on the current state and trends of global insurtech.The report has been developed by Dealroom.co,Generali,Mundi Ventures,MAPFRE,and NN Gro
32、up,drawing on the partners collective insurance innovation expertise and insights from insurtech innovators and leaders.To be rearrangedorder Partners-Dealroom-contributorsJavier SnchezInvestment Associateat Mundi VenturesJulian SchoemigCo Founder&CEO of Diestaat DiestaOrla BrowneDealroom.coJeroen M
33、eijersNN GroupLorenzo ChiavariniDealroom.coJoan CuscMAPFRETjeerd BosklopperNN GroupLlus ViasMundi VenturesJavier SantisoMundi VenturesJos Antonio AriasMAPFRECarlos Cendra FalcnMAPFRELotta RaususInsurelyJavier SnchezMundi VenturesJulian SchoemigDiestaStefano BisonGeneraliNatalia DorfmanKitaDanilo Rap
34、oniGeneraliAgostina LuzziKinsuMichael CarricarteOl Insurance GroupHugues BertinHCS Capital&Digital Insurance LatAm Javier SantisoMundi VentureLlus ViasMundi VenturesJoan CuscMAPFREJos Antonio AriasMAPFRECarlos Cendra FalcnMAPFREJeroen MeijersNN GroupTjeerd BosklopperNN GroupJavier SnchezMundi Ventur
35、esStefano BisonGeneraliDanilo RaponiGeneraliOrla BrowneDealroom.coLorenzo ChiavariniDealroom.coJulian SchoemigDiestaLotta RaususInsurelyAgostina LuzziKinsuNatalia DorfmanKitaMichael CarricarteOl Insurance GroupHugues BertinHCS Capital&Digital Insurance LatAm Page/5 Source:LOGOS SPACINGYEAR/EXTRA LAB
36、ELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONThe rise of insurtech First edition(2021)In our first edition,we looked at the emerging VC market of insurtech,highlighting the massive underinvestment with respect to the market size at
37、stake.But also pointing out incumbents strong defensive moats,from regulation and capital requirements to trust and brand.Much of the attention at the time was still on challenger insurtech,mainly focused on personal lines,especially car and home,but were already calling out the importance of augmen
38、ting insurers and not just challenging them.We also highlighted key trends such as embedded insurance,parametric insurance and climate risk,and cyber insurance,which we still regard as some of the most significant areas of insurtech.Finally,we called the future of insurance to be ecosystems and prev
39、ention,beyond risk capacity to risk prevention and ancillary services.Insurtech 1.0 death Second edition(2022)A broad market downturn,coupled with clear specific challenges of notable insurtech to reach profitability,signal a new and challenging environment for insurtech funding.Late-stage funding c
40、runch,public listings coming to a halt.In addition to embedded insurance,climate risk and cyber,we spotlighted the silver economy as a key segment for life and health.Looking back to our past two editions of the insurtech report.Dealroom.coRecap on the second edition hereRecap on the first edition h
41、erePrevious editionTo finish and improve descriptionRecap on the second editionRead moreRecap on the first editionRead morePage/6 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONTable of Content1.The status o
42、f global insurtech2.Geographical deep dives3.The shift to operational efficiency4.Deep dive topicsPage/7 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION1.Chapter nameThe status of global insurtechNumbers wil
43、l have to be updated just before eventLast update 15/06Page/8 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2VC investment pulled back over 50%in H1 2023 YTD compared to H1 2022.Insurtech funding is n
44、ow back to 2018-2019 levels.Dealroom.co.*Data up to 2nd June 2023.Global venture capital investment in insurtech startups view online$3.0B$4.0B$5.0BDESIGN CONTENTStartupFunding roundSegment/focusThe biggest rounds of 2023 view online$2.0B$1.0B$250M+$100-250M$40100M(series C)$1540M(series B)$415M(ser
45、ies A)$14M(seed)$01M(pre-seed)Q32022Q12022Q12021Q12020Q12019$1.4B$2.3B$2.5B$2.7B$1.4B$1.6BQ12017Q12023 Q2*$1.0BPage/9 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 210-50M50+M22companies21companiesIns
46、urtech VC activity in 2023 has slowed down 45%from last year,performing a bit better than the global VC average.Over$2.4B have been invested in insurtech in 2023 so far.Dealroom.co|Created with Datawrapper.de.*Data up to 6th June 2023.Global VC funding by industry in H1 2023 YTD*VC funding growth by
47、 Industry,H1 2023 YTD*vs H1 2022DESIGN CONTENT$24.2B$23.5B$21.0B$13.0B$9.9B$5.7B$3.6B$1.2BHealthEnterprise SoftwareFintech(excl Insurtech)EnergyTransportationFoodtechSemiconductorsRoboticsInsurtechEdtechHR Tech$1.2B$2.4B-22%-40%-45%-45%-49%-51%-60%-63%-64%-66%-67%-80%SemiconductorsEnergyHealthInsurt
48、echEnterprise SoftwareTotal VCFintech(excl.Insurtech)TransportationRoboticsEdtechHR TechFoodtech$2.9BPage/10 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co Insurance market size based on GWPInsurtech is
49、 still heavily underinvested compared with other industries of similar size,such as Mobility,Food and Health.Global Market Size vs.Industry VC Investment(2022-2023)FoodMobilityHealthFinancialServicesReal EstateEducation$20B$40B$60B$80B$100B$120B$2T$4T$6T$8T$10T$12T$14TTravelEnergyVC Investment(2022-
50、2023)Global Market SizeInsurancePage/11 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLEGEND10-50M50+M22companies21companiesInsurtech valuations have plummeted much more than broader tech markets and
51、 traditional insurers.Their revenue multiples are now lower than insurers.Dealroom.co|Created with Datawrapper.deDESIGN CONTENTMundi insightsOvercorrection in general in techUnder this environment of scarce available capital,bargaining power is shifting towards the investor,as entrepreneurs face lit
52、tle to no competition for their rounds and are forced to longer and tougher negotiation periods.As a matter of fact,we are currently seeing legal terms included in VC deals that had already nearly disappeared in the past years(dividend rights,participating liquidation preference,etc.).Best startups
53、born during recession thingStrong performances of PE and VC vintages started in downturn alsoFintech one of the most hit on revenue multiplesThe graph shows the LTM stock performance of selected stocks.The impact by digital insurtechs is massive compared to the rest of indexes(also note the resilien
54、cy of incumbent brokers,better than S&P500,and specially Insurance companies).In this regard,although being a massive market posing huge opportunities,insurtech is a particularly capital intensive industry where most of the initial startups,and particularly the ones that listed in the first place,ne
55、ed significant amounts of capital to scale fast and reach a critical volume that ensures profitability whilst providing enough cash flows to sustain the massive investments needed for aggressive growth.(Insurtech 1.0 commentary)Moreover,all the first listed insurtech companies(highlighted in yellow
56、in the table below,be aware that the data is a bit outdated,from Q422)approached the market with basically the same business model as the rest of incumbents and only real different value proposition being the digital experience for the policy holder.There is value indeed in providing a superior cust
57、omer experience,but in Insurance there is much more value in underwriting and capital efficiency,and these companies were(and are)doing much worse here,with some of them still today with negative Gross Margins.As a consequence,valuation multiples for the publicly listed insurtech companies have plum
58、meted,with some of these insurtechs trading at below 0.5x GWP,and Lemonade being the only insurtech listed company still holding a valuation multiple with a significant premium compared to the incumbents of the industry.This poses a tremendous opportunity in our eyes since these companies are the be
59、acons for non-insurtech savvy investors in earlier stages.We are not suggesting that the valuations for these insurtech listed companies is low and/or that they might deserve a premium when compared to incumbents;the point is that(1)investors are even more cautious when investing in Insurtech given
60、the terrific performance of these listed insurtechs,and(2)most of the investor community is not expert in insurance and are taking these multiples as a reference to value other early stage insurtech startups that are totally different in terms of business model,approach,technology,etc.We believe the
61、re will be good arbitrage opportunities in insurtech Early-Stage as,due to the lack of insurtech expertise across the main investors and the terrible performance of the first listed insurtech companies(which all respond to a similar proposition and business model),there might be good businesses,team
62、s and ideas undervalued under these circumstances.Finalizing slideCompanyEV/revenue(2022)EV/EBITDA(2022)Rev/CAGR+2yEBITDA%(2022)Gross loss ratio(2022 orQ1 2023)Lemonade4.6xn/a+41.6%-116%87%Hippo1.8xn/a+14.6%-279%76%Root insurance-1.0 xn/a-5.1%-63.9%77%Bright Health0.4xn/a-22.6%-14.9%95%Oscar0.0 xn/a
63、+46.6%-11.7%85%Clover Health0.0 xn/a+53.7%-10.3%93%Progressive1.5x40.2x+2.0%+3.81%97%Admiral1.0 x3.0 x+8.9%+32.6%72%Unitedhealth Group1.4x14.1x+6.3%+10.0%82%Stock price evolution,indexed to 100 Jan 2021+38%+18%+4%-59%CompanyEV/revenue(2022)EV/EBITDA(2022)Rev/CAGR+2yEBITDA%(2022)Gross loss ratio(2022
64、 orQ1 2023)Root insurancen/an/a-5.1%-63.9%77%Oscar0.0 xn/a+46.6%-11.7%85%Clover Health0.0 xn/a+53.7%-10.3%93%Bright Health0.4xn/a-22.6%-14.9%95%Admiral1.0 x3.0 x+8.9%+32.6%72%Unitedhealth Group1.4x14.1x+6.3%+10.0%82%Progressive1.5x40.2x+2.0%+3.81%97%Hippo1.8xn/a+14.6%-279%76%Lemonade4.6xn/a+41.6%-11
65、6%87%Financial performances of selected insurtech and insurers(sorted by increasing EV/revenue multiple)SP500 Nasdaq SP500 insurance HSMC Insurtech index Page/12 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/IN
66、SPIRATIONLEGEND10-50M50+M22companies21companiesValuations have dropped sharply in the public market in 2021-2022 and recently slightly recovered,while private market have not readjusted substantially.Dealroom.co|Created with Datawrapper.de *Data as of 6th June 2023Combined enterprise value of global
67、 insurtech companiesDESIGN CONTENTPublic companies queryPrivate companies query private companies view online public companies view online$238B$43B150B100B50B200B$250B2001920212023Insurtech startups are now worth$281B,with private companies representing 85%of the overall sector.The value
68、of private companies takes longer to adjust.While private companies grew significantly from 2021 to 2022(+19%),since then the growth has slowed down in the first quarter of 2023(+1%YoY).In contrast,the value of public insurtech valuations dropped significantly from 2021 to 2022(-59%).Page/13 LOGOS S
69、PACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Insurtechs valuations continue to be disproportionately affected by an earlier correction compared to other industries.Mundi Ventures,PitchbookDESIGN CONTENTThe
70、re is indeed a significant opportunity to find amazing innovation in the insurance industry that is being mistakenly compared to the first big wave of disruptive insurtechs.We have witnessed a significant market rationalization,including periods of negative interest rates,which has now led to a corr
71、ection in the tech markets.The current environment is much more favorable for investors,with valuations returning to normal levels and sufficient time available for conducting DDs.Additionally,with technology-focused private equity funds holding over$300 billion in dry powder,we anticipate a resurge
72、nce of ultra-liquidity.This influx of capital will not only enhance market dynamics but also unlock a multitude of additional investment opportunities.Javier SantisoCEO&General Partner at Mundi VenturesIn the midst of a global market rationalization,insurtech innovation emerges as a beacon of opport
73、unity for investors “validatedForward Revenue multiples for public companiesMain use cases in Insurance-Customer support(chatbots etc)first and easiest-marketingThen-Claim automation and fraud detection-Distribution(recommend insurance,negotiate terms)But also substantial risks-highly regulated sect
74、or with sensible data etc-Xx“There is a lot more to expect from these generative AI solutions not only to smoothen the engagement with customers but also to get a sense of customers risks,collect documents in the claim process or maybe deliver reporting to the regulator”Currently,21%of insurers say
75、they are preparing their employees to adopt AI-based systems to gain efficiency.4 areas of the insurance sector that benefit from AI,but still need the human touch.1.Fraud2.Processing of claims3.Incorporation of producers(onboarding process for agencies)4.Customer Communications2.0 x20 xRevenue mult
76、iples for public insurtech have dropped 10 x from peak and are now below most other tech categories.FAAMG+Enterprise Saas Fintech Healthtech Consumer/Internet Overall Insurtech 22x206422021 Q12022 Q12023 Q1In the midst of a global market rationalization,insurtech innovation emerges as a b
77、eacon of opportunity for investors.There is indeed a significant opportunity to find amazing innovation in the insurance industry that is being mistakenly compared to the first big wave of disruptive insurtechs.We have witnessed a significant market rationalization,including periods of negative inte
78、rest rates,which has now led to a correction in the tech markets.The current environment is much more favorable for investors,with valuations returning to normal levels and sufficient time available for conducting DDs.Furthermore,with technology-focused private equity funds holding over$300 billion
79、in dry powder,we anticipate a resurgence of ultra-liquidity.This influx of capital will not only enhance market dynamics but also unlock a multitude of additional investment opportunities.”“Page/14 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAP
80、H TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2CompanySegmentPast valuationMost recent valuationGrowthChallenger$4.5B Jul 2022$4.5B May 2023Challenger$1.1B Oct 2021$1.5B Apr 2023Challenger$1.0B Apr 2021$1.0B Nov 2022Challenger$1.0B Mar 2022$1.0B Dec 2022&Mar 2023Embedded insurance$1.0B Dec 2021$1.6B M
81、ay 2023Risk-transfermarketplace$1.0B Oct 2022$1.75B May 2023*10-50M50+M22companies21companiesHowever several leading private insurtechs have been able to confirm or even increase their valuation in recent months.Dealroom.co *Vesttoo reportedly raising,not yet officially disclosedNotable examples of
82、leading insurtech maintaining or increasing their valuation despite market downturnDESIGN CONTENTPublic companies queryPrivate companies queryChallengersWefox:maintained$4.5B (Jul 2022-May 2023)Acko:valuation up from$1.1B(Oct 2021)to$1.5B(Apr 2023)Clearcover:maintained$1.0B (Apr 2021-Nov 2022)Kin in
83、surance(?)OthersBolttech:valuation up from$1.5B(Oct 2022)to$1.6(May 2023)Vesttoo:valuation up from$1.0B(Oct 2022)to$1.8(May 2023)Acko$1.5B(Apr 2023)+36%VC investment pulled back over 50%in H1 2023 YTD compared to H1 2022.Insurtech funding is now back to 2018 levels.Public valuations have fallen xx$4
84、.5B-$4.5BJuly 2022-May 2023+0%$1.1B-$1.5BOct 2021-Apr 2023+36%Acko$1.1B-$1.5BOct 2021-Apr 2023+0%We can actually 0%+36%0%0%+60%+75%Page/15 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Late-stage is
85、down the most,62%from peak,even if with a partial rebound in respect to Q4 2022.Early-stage is down 29%from peak but is holding on well since Q2 2022.Number of megarounds in insurtech startups view online DESIGN CONTENTDifference late stage vs early stage investment.Drop mostly late stage or reduced
86、 activity also early stage?Number of megarounds in insurtech startups view online Number of early and medium stage rounds in insurtech startups view online Dealroom.co.*The round count for early-stage is likely to be underestimated due to reporting lag in the last 12 months.Early-stage(Seed to Serie
87、s A)*$1-15MSeries B$15-40MIn Insurtech the drop in late stage is much stronger than Fintech compared to the all time high(Q1 2021).In early stage,both industries have dropped roughly to 50%from the all time high(Q1 2022).Update the visualizationLate-stage(Series C+)$40M+Q12021Q2Q3Q4Q12022Q2Q3Q4Q1202
88、3100%908070605040302010Q12021Q2Q3Q4Q12022Q2Q3Q4Q12023100%908070605040302010100%90807060504030201071%95%57%38%Q12021Q2Q3Q4Q12022Q2Q3Q4Q12023100%100%54%Number of rounds evolution by stage69%view online view online view online Page/16 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTE
89、NTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLEGENDShare of VC investment by value chainReinsuranceDistribution still attracts most of the funding,while challengers and MGAs are at a minimum in recent years.Dealroom.co|Created with Datawrapper.Data up to 12th June 2
90、023.DESIGN CONTENTDESIGN CONTENT32%32%11%7%4%7%2%2%2%1%Challenger,full stack&MGA share of funding lowest ever in 2023.Distribution is still attracting the most funding.Key insurtech function(product and price,underwriting and claim)still not claiming a huge share.Admin tech/core insurance platforms
91、have attracted a few big rounds.15%19%43%8%7%8%60402080100%2000222023Insurtech Admin Tech Challenger and Full-stack InsuranceChallenger,full stack&MGA share of funding lowest ever in 2023.Distribution is still attracting the most funding.Key insurtech function(product and price
92、,underwriting and claim)are still not attracting a large share of funding.Admin tech platforms have attracted a few big rounds.Insurtech Distribution and brokerage Embedded Insurance MGA Insurtech Product and Price,Underwriting,Claim Insurtech Admin Tech ReinsurancePage/17 Source:LOGOS SPACINGYEAR/E
93、XTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONP&C is still attracting over 60%of insurtech VC funding.Mainly driven by commercial and cyber insurance,as well as home and car.Life insurance is still widely underinvested compar
94、ed to Health and P&C.DESIGN CONTENTDESIGN CONTENTShare of VC funding P&C vs L&H P&C L&HMain segments by insurtech funding in 2023Main segments by insurtechfunding in 2023 P&C L&HCommercial insuranceHouse and property insuranceCyber insuranceCar insuranceClimate riskHealth insuranceLife insurance39%4
95、8%52%48%52%52%67%62%61%52%48%52%48%48%33%38%200022202360402080100%Dealroom.co|Created with Datawrapper.de *Data up to 12th June 2023.Page/18 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAP
96、H 1GRAPH 2Dealroom.co.Funds hand-picked based on number of investments in Insurtech.*Only considers direct investment from corporate or CVC arm,not LP participations in VC funds.Notable global insurtech investors.Insurtech fundsStrategic investors(Insurers,reinsurers,financial sector)*Fintech specia
97、listsSector agnostic fundsStill to add many logos of international investorsSeries B+(Pre)SeedSeries ADealroom.co.Funds hand-picked based on number of investments in Insurtech.*Only considers direct investment from corporate or CVC arm,not LP participations in VC funds.Page/19 LOGOS SPACINGYEAR/EXTR
98、A LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:So far no new insurtech unicorns have been minted in 2023.Dealroom.co|Created with Datawrapper.de *Data up to 12th June 2023.New insurtech unicorns and$1B+exits view onlineDES
99、IGN CONTENTDESIGN CONTENT38 United States 15 Europe10 Asia1 Latin America After reach an all-time peak in 2021,with 26 new unicorn minted,in 2022 new unicorn creation went back to 2020 levels.So far there havent been new unicorns created in 2023.13%of all insurtech unicorns lost their unicorn stats.
100、Former insurtech unicorns Which%are they of the total unicornsRoot InsuranceMetroMileHippo InsuranceDomaShuidi(Waterdrop)OscarClover HealtheHealth MedicareGloriFiMany insurtech unicorns have fallen from graceAdd segment or description of the companyFormer insurtech unicornsUnicornHQ DescriptionUSCar
101、 insurance(Acquired in 2021)USCar insuranceUSHouse and property insuranceUSHouse and property insuranceChinaLife and health insuranceUSLife and health insuranceUSLife and health insuranceUSLife and health insuranceExplore all insurtech companies that drop below the$1B valuation ExploreWhich%are they
102、 of the total unicorns2624222064220002120222023*63%of insurtech unicorns were created between 20202022WaterdropPage/20 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2A
103、fter reaching an all-time high in 2022,insurtech M&As are back to 2020 levels.A few public listings have reappeared in Q1.Dealroom.co|Created with Datawrapper.de.*Data up to June 6th 2023.Global number of insurtech exits view online DESIGN CONTENTBiggest insurtech exits in Q1&Q2 2023 view onlineQ120
104、20Q12021Q12022Q12023 Acquisitions&Buyouts IPO&SPACShttps:/ Q12020Q12021Q12022Q12023Q2 2023 YTD*After reaching an all-time high in 2022,insurtech M&As are back to 2020 levels.A few public listings have reappeared in Q1.Page/21 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPAC
105、INGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Dealroom.coDESIGN CONTENTDRAFTQuote/qualitative insightsExpect many carriers and even other cash-rich insurtechs,to be active in the coming months and drive greater consolidation across the industry.Insurtech acquiring other in
106、surtechs?Or traditional players acquiring insurtechs?Bankruptcy vs being acquired?Zombie companies?Insurtech x insurtech acquisitiontaking advantage of discounted public/private market valuationsInsurtech x insurtech acquisitiontaking advantage of discounted public/private market valuationsM&A comme
107、ntary:PE and leading insurtechs are being active acquirers,insurance incumbents mostly not.Whats happening a lot in the market:market consolidationDifferent shades of M&A exist in the marketInsurtech x insurtech acquisitionexpanding into new markets or consolidating their lead by acquiring peersOthe
108、r examplesThe two trends are also interconnected.When PE take ownership of insurtech startups,the startup often uses the war chest to make acquisitions.PE buyoutstaking advantage of discounted public/private market valuations.Other examplesAcquisitions by insurersA lot of dry powder is available fro
109、m insurers and falling private valuations might be entering value zone for some of them.We expect to see some acquisitions,but not from all insurance players.Whats not(yet)seen widely in the marketBankruptcies&fire salesInsurance funding peaked nearly 2 years ago which is around the average runway f
110、or private startups.The need of cash,inflated valuation in previous rounds and tough financial market will mean several of these insurtech might not be able to raise again and end up declaring bankruptcy or going through a fire sale.We expected this to start happening soon.Admiral X lukoxxxxxxPage/2
111、2 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:(re)insurers have also slowed down their investment activity back to pre-pandemic numbers.Dealroom.co|Created with Datawrapper.de *2023 data up to 12th
112、 June 2023*Only considers direct investment from corporate or CVC arm,not LP participations in VC funds.DESIGN CONTENTDESIGN CONTENT38 United States 15 Europe10 Asia1 Latin AmericaFormer insurtech unicorns Which%are they of the total unicornsRoot InsuranceMetroMileHippo InsuranceDomaShuidi(Waterdrop
113、)OscarClover HealtheHealth MedicareGloriFiBeyond insurtech,the majority of their investments went to Fintech,Health and Enterprise Software.Add segment or description of the companyWhich%are they of the total unicorns(%)Share of(re)insurers investment by industry(2022-23YTD)VC investment by(re)insur
114、er*view online$3.0B$4.0B$2.0B$1.0B$250M+$100-250M$40100M(series C)$1540M(series B)$415M(series A)$14M(seed)$01M(pre-seed)$2.7B$3.9B$1.5B$1.3BH12018H12019H12020H12021H12022H12023TD*H12016H1201727%20%15%11%8%6%4%4%2%InsurtechFintech(excl Insurtech)HealthEnterprise SoftwareTransportationSecurityMarketi
115、ngReal EstateMediaFoodTravelHome Living1%1%1%Page/23 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:DESIGN CONTENT“Although investment has cooled across the VC landscape in general,good startups are c
116、ontinuing to close significant fundraising rounds.”It should also be noted that insurers still have a lot of room to adopt insurtech solutions that are ready to be deployed at scale.This creates a huge opportunity up to grab for insurtech startups providing solutions from claims automation and payme
117、nts to underwriting and pricing.The only way is up-the transformation of the industry is unstoppable.“Funding was too easy.In some cases money was raised without a solid customer proposition and business case.”Now there has been a reset and the players who do not have a solid foundation are getting
118、squeezed.In the end it is a good thing and we will end with a more healthy market.There is still a lot of unspent capital and we will see M&A kicking off,but not from all insurers.Some insurers will not acquire anymore,after having seen the failure to deliver on promises of some insurtech 1.0 player
119、s.Others will instead see this as an opportunity.Stefano BisonGroup Head of Business Development&InnovationGeneraliJoan CuscGlobal Head of Transformation MAPFREJeroen MeijersHead of NN VenturesNN GroupInsurers view on the insurtech market.“The persistently high uncertainty is jeopardizing trust,a fu
120、ndamental element for any investment with a medium-long term horizon and Venture Capital is no exception.”All KPIs are pointing towards the fact that its been a harsh run so far,and we are far away from the end.Unless a sharp change in the scenario happens soon,as startups will start running out of
121、cash,downrounds will become more frequent and,in most cases,inevitable;M&A deals will start happening in a visible way,and theres going to be good opportunities to acquire unique technologies and talents for incumbent(re-/)insurers.validatedvalidatedPage/24 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TI
122、TLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION2.Chapter nameGeographical deep divesPage/25 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLEGENDUS i
123、s still the leading geography for insurtech investments in 2023.However,Asia is the region growing the most.DESIGN CONTENTDESIGN CONTENTVC investment in insurtech by regionI would do as bucketsUS-Europe-Latam-China-Southeast AsiaRest of world Or rest of Asia-Africa-Oceania.VC investment in insurtech
124、 by region in 2023 YTDGrowth in VC investment by region,H1 2023 vs H1 2022*Dealroom.co Data up to June 12th 2023.United StatesRest of AsiaEuropeSoutheast AsiaLatin AmericaRest of the world(Oceania,Africa)Rest of AsiaSoutheast AsiaUnited StatesGlobalEuropeRest of the world(Oceania,Africa)Latin Americ
125、a$1.2B$418B$341B$216B$79M$38M58%-22%-23%-33%-69%-85%-5%Page/26 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Highlight other markets,like Germany and the NetherlandsContent readyRest of Europe80+vc-b
126、acked startups,2 future unicorns,1 unicorn:UK,Germany and France are still attracting over 4/5 of the funding in Europe,but other markets are attracting an increasingly high share of early-stage funding.Dealroom.co Data up to June 12th 2023.VC investment in insurtech by region in 2023 YTDGrowth in V
127、C investment by region,H1 2023 vs H1 2022*United KingdomGermanySouthern EuropeFranceRest of Europe$178M$61M$35M$34M$14M20202022-2370%79%21%30%100%80604020 Rest of Europe UK,Germany and FrancePage/27 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTE
128、NTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONItaly,Netherlands and Estonia are showing the strongest early-stage growth.France is the only major market which is showing early-stage growth.After a slow 2022,Spain is showing strong activity this year.Early-stage funding growth by country in Europe 20
129、22-2023 vs 2020 High Growth Medium Growth No Growth Not Enough to computeDealroom.co|Created with Datawrapper Data as of 12th June 2023.DESIGN CONTENTDESIGN CONTENTHigh growth:2x+funding amount,1x+round count;Medium growth:1x+funding amount,0.7x+round countSpainNr.of VC-backed startups:40+Enterprise
130、 Value:$0.7BInvestment since 2020:$156MEarly VC Growth:0.7x view onlineItalyNr.of VC-backed startups:30+Enterprise Value:$2.0BInvestment since 2020:$249MEarly VC Growth:1.1x view onlineNetherlandsNr.of Startups:20+Enterprise Value:$0.8BInvestment since 2020:$188MEarly VC Growth:1.7x view online High
131、 Growth Medium Growth No Growth Not Enough to computeNetherlandsNr.of Startups:20+Enterprise Value:$0.8BInvestment since 2020:$188MEarly VC Growth:1.7x view onlineItalyNr.of VC-backed startups:30+Enterprise Value:$2.0BInvestment since 2020:$249MEarly VC Growth:1.1x view onlineSpainNr.of VC-backed st
132、artups:40+Enterprise Value:$0.7BInvestment since 2020:$156MEarly VC Growth:0.7x view onlinePage/28 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLEGENDTop countries for insurtech VC funding beyond No
133、rth America,Europe and China(2022-2023)Insurtech is now more global than ever.The share of funding flowing outside of North America,Europe and China has now reached 31%in 2023,mostly led by Asia.Dealroom.co|Created with Datawrapper.deData as of 2nd June 2023.DESIGN CONTENTDESIGN CONTENTVC investment
134、 in insurtech by regionI would do as bucketsUS-Europe-Latam-China-Southeast AsiaRest of world Or rest of Asia-Africa-Oceania.Early-stage queryOverall VC investment queryExcl.Megarounds queryEXCLUDE CHINA+HIGHLIGHT THE MARKETS THAT HAVE CONTRIBUTED FOR THIS SHIFTTop countries for insurtech VC funding
135、 beyond North America,Europe and China(2022-2023)Share of Insurtech VC investment Rest of Asia12.9%India8%Southeast Asia5.5%Latam3.1%AfricaOceania0.5%1%97%100%806040202001820202022North America,Europe,ChinaRest of the World12%14%9%9%11%16%13%11%14%20%31%3%Page/29 Source:LOGOS SPACINGYEAR/
136、EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co *Data as 2nd June 2023DESIGN CONTENT60+Vc-backed startups60+VC-backed startups with a combined enterprise value of$4.4B,up 5x since 2020.Latam insurtech startups$239M in 2022,nearl
137、y 50%less than in 2021.2023 is projected to fall shorter,but still rebound from the low in H2 2022.Most funded Latam insurtech startupsby total of VC investment raised$239MVC investment raised in 2022FOCUS ON LATM Explore list Explore all Latam insurtech startupsInsurtech VC funding in Latin America
138、 view online$300M$200M H12018H12019H12020H12021H12022H12023TD*$100M H12016H12017$250M+$100-250M$40100M(series C)$1540M(series B)$415M(series A)$14M(seed)$01M(pre-seed)FOCUS ON LATMLatam insurtech ecosystem has started to emerge strongly in the latest years.H1 2023 is showing a partial rebound in fun
139、ding,even if quite far from peak one year ago.Betterfly,Alice,Sami,180seguros,Justos,Pier$79M$208M$252MPage/30 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONDealroom.co *Data as 2nd June 2023DESIGN CONTENTFOCUS ON
140、 LATMFOCUS ON LATMCustomer in Latam expect an highly digital customer experience,but also attention to human touch.Betterfly,Alice,Sami,180seguros,Justos,PierFOCUS ON LATMCustomer in Latam expect an highly digital customer experience,but also attention to human touch.Financial inclusion and sustaina
141、bility as pillar of insurance developments.Key Latam market characteristics:Highly digital users,reachable through alternative channels such as fintech and e-commerce platforms,as well as Facebook and WhatsApp.Distinct local cultures in each region and country,leading to resistance from traditional
142、intermediaries.However,these intermediaries can add value by humanizing the digital journey.Internet penetration rate(2021)*ChileArgentinaBrasilMexicoColombiaGlobal92%86%81%74%70%62%Hugues BertinPartner at HCS Capital and CEO at Digital Insurance LatAmThe traditional financial sector has underserved
143、 Latam customers,with less than 50%having access to banking services.The most impactful inclusive solution that have emerged are neo-banks like Nubank,serving 75 million customers,and digital wallets like MercadoPago,which has 38 million users.We think insurtech startups in Latam have the opportunit
144、y to replicate this to close the protection gap.Additionally,Latam Customer are very sensitive to sustainable aspect and we observe a move from the traditional model into the triple impact model,including not only profitability but social and ambiental impacts.”Latam is a primed geography for insura
145、nce innovation,thanks to a strongly underserved population and high digital adoption.“Latam is a primed geography for insurance innovation,thanks to a strongly underserved population and high digital adoption.The traditional financial sector has underserved Latam customers,with less than 50%having a
146、ccess to banking services.The most impactful inclusive solution that have emerged are neo-banks like Nubank,serving 75 million customers,and digital wallets like MercadoPago,which has 38 million users.We think insurtech startups in Latam have the opportunity to replicate this to close the protection
147、 gap.Additionally,Latam Customer are very sensitive to sustainable aspect and we observe a move from the traditional model into the triple impact model,including not only profitability but social and ambiental impacts.”“Page/31 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRA
148、PH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION3.Chapter nameThe shift to operational efficiency in insurancePage/32 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLEGENDFull stac
149、k InsurtechMGAWhile both full-stack and MGAs have both suffered a strong funding decrease,the MGA model is showing more resilience and attracted more funding so far this year.Mundi Ventures,Dealroom.co *2023 data up to 14th June 2023DESIGN CONTENTEnhancing insurers vs MGA/full stackFinalizing design
150、Full-stack insurtechs are CAPEX heavy,they typically experience slower growth,and operate within a highly regulated environment.However,if executed effectively,this approach has the potential to yield higher profits in the long run,despite the inherent risks involved.MGA insurtechs can be characteri
151、zed as traditional venture capital-style companies that do not assume direct risk themselves but rather operate within the constraints of the risk appetite and product differentiation criteria set by their capacity provider.Comparison of full-stack and MGA models for insurtechsLicenseProduct&UWFundi
152、ng to marketUnit economicsExitCapacity Fully licensed insurance company,regulated by supervisory authorityFull control of the productUpfront capital required to operateRetains the entire profit(and loss)pool Maximizing longer term exit value(IPO or insurer acquisition)More security and control of ca
153、pacity but requires availability of regulatory capitalPartners with a third-party risk carrier who becomes the contractual counterpartDiscretion on product within criteria set by carrierMinimal capital requiredProfit-sharing with the(re)insurerStrategic&financial acquirersCapacity dependent on risk
154、appetite of(re)insurerVC funding full stack vs MGAVC funding full stack vs MGA MGA Full stack MGA count Full stack insurance countH12018H12019H12020H12021H12022H12023TD*H12016H12017H12018H12019H12020H12021H12022H12023TD*H12016H40$1.0B$2.0B$2.6B$1.2B$362M$490M48401422Page/33 Source:EXTRA C
155、ONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Mundi VenturesChallengers and MGA-Availability of capacity is crucial for the success of an MGA.080000222023The
156、reinsurance market is influenced by various factors,and the Reinsurance Pricing Index is a valuable tool for monitoring and understanding these dynamics.When(re)insurers provide capacity to insurtech MGAs,their primary objective is to gain a comprehensive understanding of the offered product.As MGAs
157、 generate significant GWP,their production directly affects the insurers P&L.Consequently,(re)insurers may review the provided capacity and assess product eligibility limits.Main problems that MGAs are facing:1.The landscape of MGA insurtechs is rapidly evolving,and simply providing technology for p
158、roduct distribution is no longer sufficient for achieving success2.Reinsurers will prioritize allocating their capacity to entities that can showcase a proven track record of profitabilityHowden pricing index for primary,reinsurance and retrocession markets 2012 to 2023(Source:NOVA)Global direct and
159、 facultative reinsurance at 1.1 Global commercial insuranceNon-marine catastrophe retrocession at 1.1 London market casualty reinsurance 1.1 Global property-catastrophe reinsurance at 1.1Reinsurance capacity is becoming more expensive,directly impacting insurtechs aiming to achieve rapid growth thro
160、ugh new products.”“Javier SnchezInvestment Associate at Mundi VenturesJavier SnchezInvestment Associate at Mundi VenturesPage/34 Source:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Insurtech startups are t
161、ackling operational efficiency through the whole value chain.Dealroom.co.Logos are exemplificative and not exhaustive.Visit https:/insurtech.dealroom.co/intro-curated-content for more details.DistributionEmbeddedinsuranceHybrid distribution/P2P distributionEnablingagentsClaims automation&fraud manag
162、ementClaimsmanagementVirtual claimsassessmentFraudmanagementProduct&underwritingUnderwritingPricing and modellingPaymentsPayment processing Health paymentsPage/35 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRAT
163、IONSource:Injury House lossVehicle appraisal Small house damagesOperational efficiency,claimsClaims as center of customer interaction.Automation and human touch in claims management.MAPFREDESIGN CONTENTClaims are the key point of contact with customers,the most important one for their experience etc
164、Claims are also a significant cost center in insurance,accounting for 15%of operational expenses(?)Resources:Insurtech claim startups Dealroom+landscapeInstech:Property Remote Claims Assessment:the 40 Companies to Watch,Property Intelligence:the future of accurately assessing rebuild valueTo cite pa
165、yments as strongly related to claims management?validatedVehicle appraisalSmall home damagesInjuriesHome lossOperational efficiency,claimsClaims as center of customer interactionAutomation and human touch in claims management.Full-automation possible(Straight-Through-Processing)Today is already poss
166、ible to automate a vehicle appraisal with minor damage to over 98%accuracy,meaning the customer can get a diagnosis and repair quote in less than 3 minutes.For instance MAPFRE is already automating thousands of pre-inspections to determine a vehicles condition,assess loss damage appraisals and proce
167、ss home insurance claims in Spain,Brazil,and Colombia.Human touch is key,automation not in the pictureJos Antonio AriasGroup Chief Innovation Officerat MAPFREOperational efficiency,claimsClaims as center of customer interactionAutomation and human touch in claims managementHuman touch is key,automat
168、ion not in the pictureThanks to AI,today you can get a vehicle appraisal in less than 3 minutes.Weve envisioned AI-powered operating models that are 10 x more efficient,leveraging what we call Straight-Through-Processing,which is the ability to execute tasks like end-to-end claim handling without hu
169、man intervention.But we dont intend to automate everything.Not just because insurance is a complex business with a million different situations,but also because in our business,the human touch and empathy are essential.Before implementing any solution,we sit down with customers and ask them what the
170、y think the process and each related interaction should look like.”“Page/36 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Security&ComplianceSimplify compliance and secure payments by removing sensit
171、ive data.Digital engagementProactively engage policyholders in payments experiences.Operational efficiency,claimsClaims as center of customer interaction.Automation and human touch in claims management.DiestaDESIGN CONTENTClaims are the key point of contact with customers,the most important one for
172、their experience etcClaims are also a significant cost center in insurance,accounting for 15%of operational expenses(?)Resources:Insurtech claim startups Dealroom+landscapeInstech:Property Remote Claims Assessment:the 40 Companies to Watch,Property Intelligence:the future of accurately assessing reb
173、uild valueTo cite payments as strongly related to claims management?validatedVehicle appraisalSmall home damagesInjuriesHome lossOperational efficiency,paymentsPayments optimization in insuranceAchieving true payment integration in insuranceJulian SchoemigCo Founder&CEOat DiestaInsurance policies ar
174、e sold through several intermediaries creating a complex placement route with high operational costs and funds being held up for months at every step.Our vision is to reduce the time spent on payment processing in the insurance industry to zero.We are achieving this by building a connected payment l
175、edger with actors across the whole insurance value chain linked to it.”The premium handling process in the insurance industry is hugely inefficient.$22B are wasted every year by the P&C insurance industry globally in this process.“Inefficient processing of payments incurs unnecessary expenses across
176、 the entire value chain.Key focal points include:1.Premium payment:Emphasizing a seamless and effortless process that leverages the wealth of customer information available.2.Claims Handling:Acknowledging the potential stress involved and highlighting the necessity of a smooth payments experience.Ha
177、ving an integrated payment system will help insurers with lowering expenses and providing better data management.Opportunity focusReporting&ReconciliationSecurity&ComplianceDeliver an exceptional and seamless payment experience Instantly reconcile accounts,detect discrepancies,and analyze payment ac
178、tivity.Proactively engage policyholders in payments experiences.Simplify compliance and secure payments by removing sensitive data.Digital engagementCustomer ExperienceCustomer experienceDeliver an exceptional and seamless payment experience Reporting&ReconciliationInstantly reconcile accounts,detec
179、t discrepancies,and analyze payment activity.Reporting&ReconciliationSecurity&ComplianceInstantly reconcile accounts,detect discrepancies,and analyze payment activity.Proactively engage policyholders in payments experiences.Simplify compliance and secure payments by removing sensitive data.Digital e
180、ngagementThe premium handling process in the insurance industry is hugely inefficient.$22B are wasted every year by the P&C insurance industry globally in this process.Insurance policies are sold through several intermediaries creating a complex placement route with high operational costs and funds
181、being held up for months at every step.Our vision is to reduce the time spent on payment processing in the insurance industry to zero.We are achieving this by building a connected payment ledger with actors across the whole insurance value chain linked to it.”“Page/37 LOGOS SPACINGYEAR/EXTRA LABELTI
182、TLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Indirect(B2B2C)Customer experience Merged data cloudUnified approach to managing APIsIn-house paymentsBack-office industrialization Operational efficiency,claimsClaims as center of cus
183、tomer interaction.Automation and human touch in claims management.NN GroupDESIGN CONTENTClaims are the key point of contact with customers,the most important one for their experience etcClaims are also a significant cost center in insurance,accounting for 15%of operational expenses(?)Resources:Insur
184、tech claim startups Dealroom+landscapeInstech:Property Remote Claims Assessment:the 40 Companies to Watch,Property Intelligence:the future of accurately assessing rebuild valueTo cite payments as strongly related to claims management?validatedVehicle appraisalSmall home damagesInjuriesHome lossOpera
185、tional efficiency,distributionA digital future ready infrastructure is a key enabler for effective distribution.Putting the foundation for success in distribution across all channelsJeroen MeijersHead of NN Venturesat NN GroupAt NN Group,we are very focused on the efficiency element.We have been wor
186、king for many years to become ready for a digital future.But to achieve this we had to overcome the different silos in data and processes.So,on the one hand,we focus first on improving customer experience in distribution(from AI in chatbot use,efficiency in call centres,but also efficiency in docume
187、nt management).On the other hand,we worked to make our processes more industrialized with a single data architecture,one data cloud and a unified approach to managing APIs.Even if you use the latest GenAI chatbot to answer all sorts of customer questions,if things in the backend systems are not conn
188、ected,that will just not work.“Reporting&ReconciliationSecurity&ComplianceDeliver an exceptional and seamless payment experience Instantly reconcile accounts,detect discrepancies,and analyze payment activity.Proactively engage policyholders in payments experiences.Simplify compliance and secure paym
189、ents by removing sensitive data.Digital engagementCustomer ExperienceReporting&ReconciliationSecurity&ComplianceInstantly reconcile accounts,detect discrepancies,and analyze payment activity.Proactively engage policyholders in payments experiences.Simplify compliance and secure payments by removing
190、sensitive data.Digital engagementBack-office industrializationUnlocks value for every distribution channel.Embedded insuranceDirect(B2C/B2B)AgentsBrokersBancassuranceEmbedded InsuranceEven if you use the latest GenAI chatbot to answer all sorts of customer questions,if things in the backend systems
191、are not connected,that will just not work.At NN Group,we are very focused on the efficiency element.We have been working for many years to become ready for a digital future.But to achieve this we had to overcome the different silos in data and processes.So,on the one hand,we focus first on improving
192、 customer experience in distribution(from AI in chatbot use,efficiency in call centres,but also efficiency in document management).On the other hand,we worked to make our processes more industrialized with a single data architecture,one data cloud and a unified approach to managing APIs.“Page/38 Sou
193、rce:EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONLOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2Embedded insurance is now entering the consolidation phase.Dealroom.co *2023 data as 12th JuneDESIGN CONTENTEnhancing insurers vs MGA/full stackFunding has
194、slowed down,peaked in 2021:linkLot of infrastructure providers,we might be heading towards consolidation.At the same time some consolidation has started(M&A):linkAcquirers both:other leading embedded insurtech such as cover genius x clyte and Clark x Anorak but also insurers like Allianz x simplesur
195、ance and Travellers x TrovFunding and M&A count for embedded insurance startupsVC funding peaked in 2021 both as funding amount,with nearly$900M,and round count.Coupled with the large number of infrastructure providers,this open has opened a market consolidation with M&A on track for its most active
196、 year in 2023.Most acquirers are either:other leading embedded insurtech such as:cover genius x clyte Clark x Anorak insurers like Allianz x simplesurance and Travellers x TrovH12022H12020H12023TD*H12021H22020H22021H22022VC funding peaked in 2021 both as funding amount,with nearly$900M,and round cou
197、nt.Coupled with the large number of infrastructure providers,this open has opened a market consolidation with M&A on track for its most active year in 2023.Most acquirers are either:Other leading embedded insurtechinsurers like InsurersAllianz x simplesurance and Travellers x TrovInsurers1551005200H
198、22022H12022H22021H12021H22020H12020 Funding count exit count 51.5120.5xxxxPage/39 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Kinsu *MAPFRE Economics DESIGN CONTENTSome stats on investment in insur
199、ance distribution+insurance penetration stats?validatedAgostina LuzziCOO&Co-founderat KinsuWe are still not seeing significant changes in insurance penetration in our core market,Latam.We found a space of opportunity between traditional distribution and insurtech challengers,developing a new distrib
200、ution model focused on closing the protection gap,reducing acquisition costs,and providing financial inclusion.We use local community members we call Kinsurers,to empower the reach of traditional distribution through digital quote-bind-issue technology.This approach not only reduces the CAC,but has
201、a higher possibility of changing consumption habits of insurance products in LATAM.”We believe that despite the efforts,distribution is still holding back the proper growth of the industry.“Latin America is,on average,the less insured region among major markets.Distribution,hybrid distributionClosin
202、g the protection gap requires a mix of digital technology and traditional distribution.Lowering CAC but keeping the human touch.Insurance penetration by region(2021)*UKUSFranceSpainGermanyIndiaChinaLatamGlobal average12.5%11.8%10.1%9.1%6.5%4.1%4.0%3%7.1%In recent years insurance penetration in Latam
203、 has increased from 2.5%to 3%on average.The remaining protection gap amounts to approximately$250B*.The expanding middle class drives insurance demand and represents a significant market at risk.Insurance plays a vital role in preventing individuals from falling into poverty due to adverse events,th
204、ereby supporting middle-class growth and sustainability.We believe that despite the efforts,distribution is still holding back the proper growth of the industry.We are still not seeing significant changes in insurance penetration in our core market,Latam.We found a space of opportunity between tradi
205、tional distribution and insurtech challengers,developing a new distribution model focused on closing the protection gap,reducing acquisition costs,and providing financial inclusion.We use local community members we call Kinsurers,to empower the reach of traditional distribution through digital quote
206、-bind-issue technology.This approach not only reduces the CAC,but has a higher possibility of changing consumption habits of insurance products in LATAM.”“Page/40 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRAT
207、IONSource:Insurely,Mundi Ventures,EIOPADESIGN CONTENTValidated-Informed decisions-Switching services-Tailored producs-streamlined products and consumer offers-improved customer relationships-Operational efficiencyOpen insurance mandates insurers and intermediaries to provide standardized information
208、 about insurance products to the publicINCLUDE THIS MESSAGESThe development of open insurance faces a significant distinction from open banking,which established structured data based on standardized semantics over a decade ago.In contrast,open insurance is still lacking standardized data structures
209、 and semantics,varying across countries,classes of insurance,and lines of business.In open insurance,standardized product information is provided to the public,enabling easy comparisons in terms of costs,fees,and features.This transparency and competition drive the development of innovative services
210、 and tools for consumers.Insurance market does not have the regulatory requirements present in open banking.the upcoming open finance framework should consist of pension and insurance use cases to ensure that clear data sharing guidelines and standards are implemented within those industries.By doin
211、g this,regulators can encourage collaboration between data providers and receivers,safe and reliable data sharing,and innovation among insurance and pension providers.We see regulatory support as a key enabler for the development and growth of the open insurance ecosystem.Something on how open insur
212、ance works+regulatory frameworks?Lotta RaususCOO&Co-founderat InsurelyInsurelys main focus is on improved data sharing between insurance companies and third parties to enable precise targeting,segmentation,and personalization based on consumers current insurance holdings,needs,and expiration dates.A
213、dditionally,our products enable consumers to leverage their own data to benchmark themselves versus their peers,track price increases,and monitor expiration dates to create greater awareness about their insurance situation.This fosters consumer empowerment and leads to higher loyalty and better rela
214、tionships with the insurance providers.Overall,open insurance leads to more empowered and educated consumers,a level playing field,and a more transparent insurance industry.“Open insurance can bring huge value to consumers and insurers,especially if standardization is achieved.Creating standardized
215、data flows for a more transparent insurance industryOpen insurance lacks the standardized data structures and semantics which spurred the development of open banking in the last decade.There are still differences across countries,classes of insurance,and lines of business.Benefits for consumers:info
216、rmed decisions;switching services;tailored products.Benefits for insurance:streamlined products and consumer offers;improved customer relationships;operational efficiency.Open insurance ecosystemMulti line Insurer ANiche LoB Insurer BBrokerRe-insurerPublic database Claims manager3rd part mgmt.financ
217、ial toolEcosystemplayerData providerSupervisory techs/Regulators CustomerMulti line Insurer ANiche LoB Insurer BBrokerRe-insurerClaims manager3rd part mgmt.financial toolEcosystemplayerData providerOverall,open insurance leads to more empowered and educated consumers,a level playing field,and a more
218、 transparent insurance industry.Insurelys main focus is on improved data sharing between insurance companies and third parties to enable precise targeting,segmentation,and personalization based on consumers current insurance holdings,needs,and expiration dates.Additionally,our products enable consum
219、ers to leverage their own data to benchmark themselves versus their peers,track price increases,and monitor expiration dates to create greater awareness about their insurance situation.This fosters consumer empowerment and leads to higher loyalty and better relationships with the insurance providers
220、.“Page/41 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:*Swiss Re,Antonio Grasso*Accenture research*GPTs are GPTs:An Early Look at the Labor Market Impact Potential of Large Language Models(working p
221、aper)DESIGN CONTENTNow,insurance is the expected to be the 2nd most impacted industry by Generative AI.AI will not have the same impact across the insurance value chain.Narrow-AI is already widely used in insurance processes such as claims.Currently,21%of insurers say they are preparing their employ
222、ees to adopt AI-based systems to gain efficiency.4 areas of the insurance sector that benefit from AI,but still need the human touch.1.Fraud2.Processing of claims3.Incorporation of producers(onboarding process for agencies)4.Customer CommunicationsNearly 50%of insurance tasks are identified at high
223、potential for automation and only 12%have no potential to see Generative AI applications.*Generative AI impact on processes by industry*AI impact across insurance value chainInsurance has been identified as 2nd industry with the most exposure to LLMs by human labelers and 4th by GPT-4 assessment in
224、a recent paper by OpenAI*Product managementProduct definitionProduct configurationProduct MaintenanceProduct filingProduct testingProduct designActuarial processProduct pricingMarketingMarket developmentProduct brandingChannel supportMarket research&analysisMarket promotionSales&DistributionAcquisit
225、ion&sales mgmt.Sales tracking&monitoringDistribution Channel mgmt.Commission mgmt.Sales planningDirect salesSales ExecutionAccount&contract managementUnderwriting&risk mgmt.Risk acceptancePolicy validationQuotation val.Referrals and neg.Rating mgmt.Reinsurance facilityLoss controlRisk inspectionRisk
226、 analysisRisk monitoringPolicyacquisition&ServicingIn-force business admin.Rewrite,reissue,cancellationPolicy Endt.Policy Reinst.Policy RenewalIssue QuoteIssue PolicyQuick QuoteContracts&Portfolio mgmt.Claims ManagementLoss Reserve CreationClaims LitigationClaims FinancialsClaims Reg.Claims Validati
227、onClaims AssessmentClaims AdjudicationFraud mgmt.Claims Subro.Finance&AccountsA/C Receivable&PayableCollections Proc.Asset mgmt.Financial Acctg.Costing,Budg.&TaxationPayroll Acctg.Book KeepingAuditCommission processingStatement PreparationRemittance ProcessingBankingInsuranceEnergyCapital marketsSof
228、tware&PlatformsRetailCommunications&MediaIndustry averageAutomotiveHealthHigh techLife sciencesChemicals54%12%24%10%48%14%26%12%43%9%14%34%40%14%29%18%36%21%28%15%34%7%12%46%33%13%21%33%31%9%22%38%30%6%13%51%28%11%33%27%26%8%16%50%25%8%17%50%24%5%14%57%Higher potential for automation Higher potentia
229、l for augmentation Lower potential for automation or augmentation Non-language tasks Low impact Medium impact Significant impactPage/42 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Discover 600+GenA
230、I startups on DealroomGenAI exact impact on insurance is still to be fully understood,but expected to start from customer-facing processes.Generali,Dealroom.coFor more insights on Generative AI funding trends see dealroom.co/guides/generative-aiDESIGN CONTENTThe most immediate GenAI use cases are cu
231、stomer-facing processes such as lead generation opportunities,enhanced agents and customer portals.Other applications can include claim automation and fraud detection.So far,we have not seen been many insurtech-specific GenAI startups developing applications or foundational models.More activities is
232、 seen in the B2B language model training space.validatedMain use cases in Insurance-Customer support(chatbots etc)first and easiest-marketingThen-Claim automation and fraud detection-Distribution(recommend insurance,negotiate terms)But also substantial risks-highly regulated sector with sensible dat
233、a etc-Xx“There is a lot more to expect from these generative AI solutions not only to smoothen the engagement with customers but also to get a sense of customers risks,collect documents in the claim process or maybe deliver reporting to the regulator”Currently,21%of insurers say they are preparing t
234、heir employees to adopt AI-based systems to gain efficiency.4 areas of the insurance sector that benefit from AI,but still need the human touch.1.Fraud2.Processing of claims3.Incorporation of producers(onboarding process for agencies)4.Customer CommunicationsDanilo RaponiGroup Head of Innovation at
235、GeneraliIndependently from the result of such analysis,industry decision makers will need to keep in mind that this is nowadays almost a mainstream tech,already,and its shaping customer expectations.I fear it will be a must to progressively-but quickly-align all our customer interactions to the CX a
236、llowed by GenAI tools,as this will become a must and old chatbots performances unacceptable.The real priority now in GenAI is to go beyond the hype and be able to understand what is really new,what is only incremental,and what instead could be already done with“old”AI models.“Danilo RaponiGroup Head
237、 of Innovation at GeneraliThe real priority now in GenAI is to go beyond the hype and be able to understand what is really new,what is only incremental,and what instead could be already done with“old”AI models.Independently from the result of such analysis,industry decision makers will need to keep
238、in mind that this is nowadays almost a mainstream tech,already,and its shaping customer expectations.I fear it will be a must to progressively-but quickly-align all our customer interactions to the CX allowed by GenAI tools,as this will become a must and old chatbots performances unacceptable.“Page/
239、43 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATION4.Chapter nameDeep divesPage/44 Source:LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTE
240、NT/SOURCES/INSPIRATIONLEGENDProtecting and adapting from the effects of climate changeAccelerating/protecting deployment of mitigation actionInsurance plays a key role in both climate mitigation and adaptation,the most severe global risks.Dealroom.co *The Global Risks Report-2023 WEF DESIGN CONTENTE
241、nhancing insurers vs MGA/full stackxxResources:Climate fintech landscapeParametric insurance landscapeInsurance accelerating/protecting deployment of mitigation actionCarbon insurance:Kita,Oka,XilvaRenewable energy insurance:kwh analyticsInsurance protecting from the effects of climate changeParamet
242、ric insurance for weather events:floodbase,apollo agriculture,mitiga solutions,raincoatXxExamples of insurtech x climate tech startupsAccelerating/protecting deployment of mitigation actionCarbon insuranceRenewableenergy insuranceProtecting and adapting from the effects of climate changeParametric i
243、nsurance for weather/climate events Explore the full list Long term(10 years)most severe global risks*Climate mitigation failureClimate adaptation failureNatural disasters and extreme weather eventsBiodiversity loss and ecosystem collapseLarge-scale involuntary migrationNatural resources crisesErosi
244、on of social cohesion and societal polarizationWidespread cybercrime and cyber insecurityGeoeconomic confrontationLarge-scale environmental damage incidents1.2.3.4.5.6.7.8.9.10.Environmental Societal Economic Technological Geopolitical Examples of insurtech x climate tech startups Explore listPage/4
245、5 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:The carbon market is set to grow massively,heightening the need for high-quality projects.Bringing trust to the carbon markets.Kita*https:/ CONTENTvali
246、datedAccording to BNEF scenario modelling*,the voluntary carbon market could grow 7.5x in the most conservative scenario and up to 70 x in the most ambitious“carbon removal”focused scenario.20222030“Voluntary market”scenario2037“Removal”scenario$2B$15B$1TNatalia DorfmanCEO&Co-Founderat KitaThere are
247、 multiple pain points in carbon removal transactions,both around core carbon factors,such as methodologies,monitoring and reporting,and permanence,as well as more transaction specific risks around counterparties,countries,and financing mechanisms.The key challenge that Kita chose to tackle for our f
248、lagship insurance product is delivery risk in forward purchasing carbon credits.Kitas mission is being a catalyst to scale financing into high quality carbon projects,at the speed needed to tackle the climate crisis.Scale will come from trust for the carbon removal market.Insurance can play a key ro
249、le here acting as a stamp of confidence for buyers.“Natalia DorfmanCEO&Co-Founderat KitaScale will come from trust for the carbon removal market.Insurance can play a key role here acting as a stamp of confidence for buyers.There are multiple pain points in carbon removal transactions,both around cor
250、e carbon factors,such as methodologies,monitoring and reporting,and permanence,as well as more transaction specific risks around counterparties,countries,and financing mechanisms.The key challenge that Kita chose to tackle for our flagship insurance product is delivery risk in forward purchasing car
251、bon credits.Kitas mission is being a catalyst to scale financing into high quality carbon projects,at the speed needed to tackle the climate crisis“Page/46 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSour
252、ce:$250M+$100-250M$40100M(series C)$1540M(series B)$415M(series A)$14M(seed)$01M(pre-seed)Cyber insurance is just one piece in the much broader cyber security ecosystemDealroom.co,Mundi VenturesVC funding in cyber insurance startups“Cyber insurance only 4,5%of cybersecurity funding since 2016linkVC
253、funding in cyber insurance startups view online$2.0B$1.0B$1.5B 2002120222023TD*20162017$0.5B$186M$637M$1.5BCyber insurance has attracted just 4.5%of the$72B in cyber security investments since 2016.Cyber insurance funding grew over 10 x from 2016 to its peak in 2021,reaching over$1.5B in
254、VC funding.Funding has since then slow down,but 2023 is already higher than 2016-2018 with more than half-year still to go.$129MLluis ViasInvestment Directorat Mundi VenturesAlthough people tend to believe that cyber attacks only target large corporations,SMBs accounted for nearly half of the cyber
255、breaches last year.Still,many owners and managers in the SMB space find it hard to understand cyber insurance and gauge the real risk they are facing,resulting in a penetration of cyber insurance across SMBs of 17%.On the other side,beyond the demand for coverage,the capacity providers face a real c
256、hallenge to follow up with real-time and reliable cyber risk assessments thus finding it hard to keep with market needs and underwriting massive volumes.These challenges,among others,set the ground for a massive opportunity for insurtech companies targeting to positively transform the space,speciall
257、y in improving underwriting or reaching and distributing cyber insurance for SMBs at scale.More than 60%of European SMBs received an attempt of a cyber attack last year,whilst penetration of cyber insurance is still below 20%in the space.Lluis ViasInvestment Directorat Mundi VenturesMore than 60%of
258、European SMBs received an attempt of a cyber attack last year,whilst penetration of cyber insurance is still below 20%in the space.Although people tend to believe that cyber attacks only target large corporations,SMBs accounted for nearly half of the cyber breaches last year.Still,many owners and ma
259、nagers in the SMB space find it hard to understand cyber insurance and gauge the real risk they are facing,resulting in a penetration of cyber insurance across SMBs of 17%.On the other side,beyond the demand for coverage,the capacity providers face a real challenge to follow up with real-time and re
260、liable cyber risk assessments thus finding it hard to keep with market needs and underwriting massive volumes.These challenges,among others,set the ground for a massive opportunity for insurtech companies targeting to positively transform the space,specially in improving underwriting or reaching and
261、 distributing cyber insurance for SMBs at scale.“Page/47 LOGOS SPACINGYEAR/EXTRA LABELTITLEGRAPH TITLEGRAPH/MAIN CONTENTFOOTERGRAPH 1GRAPH 2EXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONSource:Global VC funding(2021-2023)Global premium written(2021)*Life insurance is still mostly an untap
262、ped market for insurtech.Making life insurance easy to buy and closing the protection gap.DESIGN CONTENTMichael CarricarteCo-founder&CEOat Ol Insurance GroupThis is also in stark contrast with health insurance,where in Latam you can do everything online in few minutes,and get up to$5M coverage.But a
263、 24-25 yrs old cant get life insurance of$300k without lab exams,creating a huge market gap.This broken customer experience is prime for disruption,thanks to Latam high digital mobile usage and its“emerging”middle class.That said Latam is a melting pot of cultures where insurance offerings must be l
264、ocalized to the single market.”Life insurance hasnt changed in the past 50-60 years.In Latam,the turnaround time is still 4-6 weeks and requires paper documents and lab exams.“To validateDespite being the largest insurance market,life insurance startups have been widely underinvested compared to hea
265、lth and P&C peers.Life insurance has been heavily underinvested in respect to its potential and most of the attention has gone to health-oriented solutions.Bringing trust to the carbon markets.Ol insurance*SwissRe(swiss-re-institute-sigma-4-2022.pdf)But Latam is a mobile-first country with higher di
266、gital adoption than the US and an“emerging”middle class.There was a huge market gap.Thats why we launched the first fully-digital life insurance in Latam and 90%of our members are first-time life insurance users.Our guiding principle has been to simplify,make it easy to buy.Being active in Latin Ame
267、rica for past 30 years as a full-stack,we understand risk,have access to distribution(from top international brokers to local agents)and understand the need to localize the offering in Latam.2.0T$3.0T1.0TLifeHealthP&C$3.1T$1.9T$2.0TLifeHealthP&C$2.0B$5.6B$12.8B5.0B$10.0BMichael CarricarteCo-founder&
268、CEOat Ol Insurance GroupLife insurance hasnt changed in the past 50-60 years.In Latam,the turnaround time is still 4-6 weeks and requires paper documents and lab exams.This is also in stark contrast with health insurance,where in Latam you can do everything online in few minutes,and get up to$5M cov
269、erage.But a 24-25 yrs old cant get life insurance of$300k without lab exams,creating a huge market gap.This broken customer experience is prime for disruption,thanks to Latam high digital mobile usage and its“emerging”middle class.That said Latam is a melting pot of cultures where insurance offering
270、s must be localized to the single market.”“Page/48 A few words on our methodology.Homegrown and relocation What is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they d
271、evelop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached$1B valuation or exit at one point in time.What is a startup?What we mean with crypto in this repor
272、tCrypto startups built with blockchain at their core.Blockchain is a network of thousands of computers calculating transactions on top of the internet.The three main market segments in crypto are:-Financial Services(Including crypto exchanges,lending and custody in both CeFi and DeFi)-Blockchain Inf
273、rastructure(All software,hardware and services to make blockchains work and usable)-Web3 consumer(Applications built on allowing users to own an asset(e.g.a picture)on the internet and transfer the ownership,such as NFTs)Geographic methodologyStartups are assigned to the location of their current HQ
274、.In case a startup moves its HQ location the change is applied in Dealroom,while the first HQ is regarded as founding location.The location of most of the employees or the founder nationality are not taken into account.In the case of crypto,especially in segments such as DeFi and DAOs,assigning a lo
275、cation can at times be impossible.These startups are counted in the overall statistics but not assigned to a geographical region.What is a Unicorn?Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verifie
276、d by Dealroom,data engineering.Data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Venture Capital,InvestorsInvestment are referred to by their round l
277、abels such as Seed,Series A,B,C,late stage,and growth equity.VC investments excludes debt or other non-equity funding,lending capital,grants and ICOs.Private token sales when VCs are involved and disclosed are counted in venture capital funding.Public token purchases,for hedge trading or similar pur
278、poses,are excluded.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data,but included in exit data.Private token sales when VCs are involved and disclosed are counted in venture capital fundingPublic token purchase,for hedge trading or similar purposes,is excluded.Wha
279、t is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded since 1
280、990 are included in this report.What is a Unicorn?Unicorns are(former)startups that reached$1B valuation or exit at one point in time.What we mean with crypto in this reportCrypto startups built with blockchain at their core.Blockchain is a network of thousands of computers calculating transactions
281、on top of the internet.The three main market segments in crypto are:-Financial Services(Including crypto exchanges,lending and custody in both CeFi and DeFi)-Blockchain Infrastructure(All software,hardware and services to make blockchains work and usable)-Web3 consumer(Applications built on allowing
282、 users to own an asset(e.g.a picture)on the internet and transfer the ownership,such as NFTs)Geographic methodologyStartups are assigned to the location of their current HQ.In case a startup moves its HQ location the change is applied in Dealroom,while the first HQ is regarded as founding location.T
283、he location of most of the employees or the founder nationality are not taken into account.In the case of crypto,especially in segments such as DeFi and DAOs,assigning a location can at times be impossible.These startups are counted in the overall statistics but not assigned to a geographical region
284、.Underlying dataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.Data is verified and curated with an extensive manual process.The data on which this report builds is available via
285、 app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Venture capital definitionInvestment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments excludes debt or other non-equity funding,lending capital,grants and
286、ICOs.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data,but included in exit data.What is a startup?What is a Unicorn?Insurtech definitionInsurtech is the intersection between insurance and technology.Insurance as an industry touches many other sectors,e.g.mobility
287、 and real estate(car and home insurance),health(health insurance).This does not mean that every startup into telemedicine that works with an insurance company or a generic enterprise software solution also used by insurers is considered insurtech.Insurtech need to have a predominant part of their bu
288、siness strictly related to insurance,also just offering insurance as part of a marketplace with many other offerings does not make them insurtechs.Geographic methodologyStartups are assigned to the location of their current HQ.In case a startup moves its HQ location the change is applied in Dealroom,while the first HQ is regarded as founding location.The location of most of the employees or the founder nationality are not taken into account.GRAPH/MAIN CONTENTFOOTEREXTRA CONTENTALIGN HERE EXTRA CONTENT/SOURCES/INSPIRATIONBIG LOGOS SPACING