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1、INSURTECH ENTERS THE 20s WITH SUSTAINED SUCCESS By Aaron Block, Juergen Bohrmann, Mikolaj Boltuc, Guglielmo de Stefano, Jean-Werner de TSerclaes, Nick Gagnon, Or Klier, Rahel Lebefromm, Gareth Ng, Teresa Schreiber, Pauline Wray T here has never been a better time for an entrepreneur to create and sc

2、ale a startup. InsurTechs are a great example: digital challengers and enablers in the insurance space received a boost in 2019 to do just that, receiving $6.1 billion cumula- tively. BCGs FinTech Control Tower (FCT) annual “State of InsurTech” report provides a da- ta-driven view of InsurTech globa

3、lly using three lensesproducts, investments, and geographiesto explore emerging trends, innovative business models, and the most disruptive technologies. Incumbent insurers are also actively part- nering with InsurTechs, and the report ex- plores five common collaboration models: Incubation/Accelera

4、tion, Investments, Co-creation, Partnerships, and Integration, making the report an operational playbook for carriers, enriched by qualitative insights directly from market participants. The report outlines five key findings: Funding volumes are at an all-time high Short-term growth is maintaining m

5、omentum InsurTech is maturing Global carriers are intensifying invest- ment activity Collaborations can be a means of disruption Funding Volumes at All-Time High Globally, 2019 was a record-breaking year for the industry, with equity funding at $6.1 billion, up around 80% compared with 2018. (See Ex

6、hibit 1.) Of the 2019 total, approximately: $2.6 billion (43%) was raised by compa- nies in P and General Health Care (CAGR 43%), offering original Medicare and Medicare Advantage Plans. Within the commercial P le- veraging the latest technologies and big data, InsurTechs have developed strong ca- p

7、abilities to effectively detect virtual threats and counteract them. 20182019 $6,085 $3,416 $190 (6%) $509 (15%) $1,323 (22%) $1,856 (30%) $2,647 (43%) $1.420 (42%) $1,297 (38%) P Dealroom; PitchBook, BCG FinTech Control Tower analysis. Boston Consulting Group | InsurTech Enters the 20s With Sustain

8、ed Success 3 For instance, Arceo.ai stands out by lever- aging its proprietary methodology called Cyber Meteorology, that not only takes into account the micro technical view of global SMEs, but also the macro level context in which they operate, helping them prioritize their security efforts. The c

9、ommercial P Dealroom; PitchBook, BCG FinTech Control Tower analysis. Boston Consulting Group | InsurTech Enters the 20s With Sustained Success 4 20142019 20290 3% 12% 7% 30% 38% 27% 58% Seed/Angel Series A Series B Series C Series D Series E+ 4% 4% Exhibit 3 | Share of Number of Rounds by Investment

10、 Maturity1 Sources: Crunchbase; Dealroom; PitchBook, BCG FinTech Control Tower analysis. 1Unattributed equity funding rounds have been excluded from the analysis. 2014 4.12% 8.0% 11.5% 17.6% 20.1% 21.6% 9.32% 7.94% 7.01% 7.66% 5.84% 0.5% 200182019 Insurers Banks 2014 10% 16% 25% 23% 31%31

11、% 25% 31% 23% 17% 14% 7% 9% 4% 200182019 Late VC Early VC Seed/Angel Exhibit 4.1 | Average Incumbent Insurers vs Banks Participation Rate Sources: Crunchbase; Dealroom; PitchBook, BCG FinTech Control Tower analysis. Exhibit 4.2 | Incumbent Insurers Participation Rate by Maturity Sources:

12、Crunchbase; Dealroom; PitchBook, BCG FinTech Control Tower analysis. Boston Consulting Group | InsurTech Enters the 20s With Sustained Success 5 Investors Are “Moving East” Among the three macro-regions, the US keeps leading the way with $4 billion (66%) of equity funding raised in 2019, bringing th

13、e cumulative amount to approximately $13.7 billion. InsurTechs in EMEA (Europe, the Middle East, Africa) and APAC (Asia Pacific) com- bined, surpassed the $2 billion funding threshold for the first time since 2014. During the same period, the share of vol- ume (number of rounds) in the Americas grad

14、ually dropped, falling below around 50% from 2017 onward. This shift shows that investors are focusing on new oppor- tunities in untapped markets, such as APAC and EMEA. (See Exhibit 5.) East Asia and Southeast Asia are driving the growth in APAC, with 2018-2019 fund- ing round CAGRs of approximatel

15、y 36% and 31% respectively; the former being by Multi-line companies in China, and the lat- ter by health and life insurance firms in Singapore. In EMEA, Western and Northern Europe have attracted the largest share of funding amount to date, driven by P Dealroom; PitchBook, BCG FinTech Control Tower

16、 analysis. Boston Consulting Group | InsurTech Enters the 20s With Sustained Success 6 including, but not limited to, alignment of vision and values, knowledge sharing and continuous learning, mutual adoption of new technologies, and set up of custom- er-centric operational frameworks. To learn more

17、 about the global InsurTech ecosystem, including regional deep-dives and detailed profiles of emerging players, please reach out to your FCT InsurTech team. Notes: 1. Root, Lemonade, Next Insurance, Friday and Duck Creek 2. Bright Health, Clover Health and Collective Health 3. Policybazaar (x2), Wat

18、erdrop, Wefox (x2) 4. Compounded Annual Growth Rate 5. Series A and B rounds. 6. Series C, D, E+ and Growth Equity rounds. 7. Calculated as the ratio of number of rounds with at least one participating insurer and the total number of rounds for a specific year Incubation/ acceleration Capital invest

19、mentCo-creationIntegration Partnership/ distribution Incumbents form close engagements with InsurTechs through incubation labs or accelerator programs. Incumbents participate in a funding round raised by the InsurTechs Incumbents and InsurTechs cooperate to develop and deploy a new product Incumbent

20、s distribute their products in collaboration with InsurTechs Incumbents procure an existing product/ service off ered by InsurTechs IncumbentFinTechCommonly observed collaboration models globally Exhibit 6 | FCT Collaboration Model Framework Sources: Crunchbase; Dealroom; PitchBook, BCG FinTech Cont

21、rol Tower analysis. About the Authors Aaron Block is a Project Leader and manages the FinTech Control Tower team at the Boston Consulting Group in London. You may contact him at . Juergen Bohrmann is a Knowledge Business Director at Boston Consulting Group. You may contact him at . Mikolaj Boltuc is

22、 a Practice Area Manager at Boston Consulting Group. You may contact him at boltuc. . Guglielmo de Stefano is an Analyst within the FinTech Control Tower at Boston Consulting Group with a focus on InsurTech. You may contact him at . Jean-Werner de TSerclaes is a Managing Director & Senior Partner an

23、d leads the financial services group for Boston Consulting Group in Spanish South America. You may contact him at . Nick Gagnon is a Senior Knowledge Analyst at Boston Consulting Group. You may contact him at . Boston Consulting Group | InsurTech Enters the 20s With Sustained Success 7 Or Klier is a

24、 Partner & Associate Director and senior expert in Digital Transformation, FinTech, and Cyber- security at Boston Consulting Group. You may contact him at . Rahel Lebefromm is a Knowledge Expert at Boston Consulting Group. You may contact her at . Gareth Ng is a Senior Knowledge Analyst at Boston Co

25、nsulting Group. You may contact him at ng.gareth . Teresa Schreiber is a Senior Knowledge Analyst at Boston Consulting Group. You may contact her at . Pauline Wray is a Managing Director and Global Lead of the FinTech Control Tower at the Boston Con- sulting Group. You may contact her at . About the

26、 FinTech Control Tower The BCG FinTech Control Tower is an internal startup within BCG with a focus on the FinTech and In- surTech ecosystems. The FCT platform now tracks more than 22,000 FinTechs globally that are leveraged to run regular research aimed at providing insights into the landscape for

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