【Dealroom】2023年全球保险科技报告_49页_16mb

The State of Global Insurtech 2023 Summary

Core Content

The 2023 global insurtech report highlights the current state of the insurtech industry, emphasizing the challenges and opportunities that exist in the sector. Despite a significant pullback in venture capital (VC) funding, the industry continues to show resilience, with certain private players maintaining or increasing their valuations. The report also underscores the importance of operational efficiency, the underinvestment in life insurance, and the growing role of emerging markets like Latin America.

Main Points

• VC Investment Trends:

  • VC investment in insurtech pulled back over 50% in H1 2023 compared to H1 2022.
  • Insurtech funding is now at 2018-2019 levels, with late-stage funding down over 60% from the peak.
  • Early-stage funding has stabilized with a 29% drop from the peak, but remains more resilient than late-stage.
  • Public insurtech valuations have plummeted, but some private insurtechs have managed to maintain or increase their valuations.

• Market Size & Funding Disparity:

  • The insurtech market represents a $7 trillion opportunity, significantly larger than the mobility market.
  • P&C insurance continues to dominate VC funding, accounting for over 60% of the total, while life insurance remains underinvested.
  • The report highlights the need for more investment in life and health insurance.

• Operational Efficiency:

  • Operational efficiency is now a critical focus for insurtechs and insurers.
  • Insurtechs are enabling efficiency across the entire value chain, including claims, underwriting, and distribution.

• M&A Activity:

  • M&A activity has returned to 2020 levels, with private equity and leading insurtechs being active acquirers.
  • Insurers are also starting to show interest in acquiring insurtechs, though not all are active.
  • Some insurtech unicorns have fallen from grace, losing their unicorn status due to market pressures.

• Geographical Insights:

  • The US remains the leading geography for insurtech investments, but Asia is showing the most growth.
  • In Europe, the UK, Germany, and France continue to attract the majority of funding, but other markets like Italy, the Netherlands, and Estonia are showing strong early-stage growth.
  • Latin America is emerging as a significant insurtech market, with a 5x increase in combined enterprise value since 2020.

Key Information

Leading Insurtech Investors

• Mundi Ventures: A European early-stage VC firm with a focus on insurtech, backed by international investors.
• MAPFRE: A Spanish multinational insurance group investing in digital transformation and innovation.
• NN Group: An international financial services company with a strong presence in Europe and Japan.
• Generali: A global insurance and asset management provider with a focus on innovation and sustainability.
• Dealroom.co: A global startup and venture capital intelligence platform.

Notable Insurtechs

• Wefox: A Berlin-based insurtech with a valuation of $4.5B.
• Bolttech: A Singapore-based insurtech that has increased its valuation to $1.6B.
• VESTTOO: A risk-transfer marketplace with a valuation increase of 75%.
• Duck Creek Technologies: A US-based company that was acquired for $2.6B.
• Compare.com: A US-based car insurance platform that has seen a decline in activity.

Funding and Valuation Trends

• Total Funding: Over $2.4B has been invested in insurtech in 2023 so far.
• Valuation Drop: Public insurtech valuations dropped by over 59% from 2021 to 2022.
• Private Valuation: Private insurtechs have not seen substantial valuation adjustments, with 85% of the sector's value coming from private companies.
• Unicorn Status: No new insurtech unicorns have been created in 2023, and 13% of existing unicorns have lost their status.

Key Trends

• Market Consolidation: Insurtechs are increasingly being acquired, especially by private equity firms and other insurtechs.
• Focus on Operational Efficiency: Insurtechs are now more focused on operational efficiency and profitability rather than rapid growth.
• Emerging Markets: Latin America and other regions outside of North America, Europe, and China are showing significant growth in insurtech investment.
• Technology Adoption: Insurers are still adopting insurtech solutions, particularly in areas like claims automation and underwriting.

Conclusion

The insurtech industry is undergoing a transformation, with a focus on operational efficiency and sustainable growth. While the market has seen a significant pullback in funding, especially in late-stage investments, the sector remains a massive opportunity with a $7 trillion potential market. The report highlights the importance of investing in quality startups with strong foundations and the growing role of emerging markets like Latin America. The future of insurtech is seen as a long-term opportunity for investors and insurers alike.