What are the trends and developments in the InsurTech industry? Our InsurTech Radar 2021, produced in partnership with Policen Direkt, examines those changes and highlights the developments since our last radar in 2019.
Our analysis currently counts 149 active InsurTech start-ups in Germany, 16 in Austria, and 44 in Switzerland. In it we have identified considerable differences regarding start-up dynamics and the relative distribution of different InsurTech business models across the radar segments between the countries.
This year’s report also includes a survey of InsurTech founders to understand the impact of the COVID-19 pandemic had on them. It clearly shows that the majority of InsurTech start-ups have weathered the pandemic well — in most cases even emerging stronger than before.
The pandemic has even helped accelerated the way InsurTechs run their businesses. In fact, 70 percent of the InsurTechs specialising in end-customer solutions have been able to strongly expand their new business in the last 18 months. And InsurTechs with a focus on business customers have had an even more positive experience, with more than 80 percent able to increase the number of new customers during the pandemic – and over a third of them by more than 50 percent. InsurTechs are increasingly acting as catalysts and drivers of the digital transformation of the insurance industry. The funding environment is better than ever before.
This is only one finding of this year’s InsurTech Radar. For more findings and analysis of the development of InsurTechs in Germany, Austria and Switzerland, download the full report.