{"product_id":"insurtech-thematic-intelligence","title":"Insurtech - Thematic Intelligence","description":"\u003cp\u003eInsurtech - Thematic Intelligence\u003cbr\u003e\nSummary\u003c\/p\u003e\n\n\u003cp\u003eThe insurtech industry witnessed a period of robust growth in 2020 and 2021, characterized by substantial company valuations that were supported by both public and private funding. However, the scenario shifted in 2022 and 2023 as rising interest rates and economic challenges led to a more restrained investment environment. This reduced investors’ eagerness to participate in insurtech activities. Meanwhile, the role of AI gained prominence within the insurance space, driving technological advancements. The effect of the insurtech phenomenon on the wider insurance industry is clear to see. New-age technologies and processes involving AI, the Internet of Things, and big data have been championed by startups, forcing incumbents to react and match the efficiencies these tools have brought.\u003c\/p\u003e\n\n\u003cp\u003eIn 2023, the insurtech industry faces a mixed investment landscape. Despite a decline in the number of completed deals compared to 2022, the value of investments is on track to exceed last year's levels, signifying larger investments are being made. Economic uncertainties have contributed to this cautious approach, with the sector experiencing challenges from high inflation and geopolitical tensions. However, signs of recovery are evident, with venture funding bouncing back in Q1 and Q2 from the lows of 2022. Notably, artificial intelligence (AI) adoption has become a pivotal trend, empowering firms to streamline operations and improve customer experiences. Recognition among consumers and SMEs is growing, which could drive future investments (although established players still dominate recognition in the market). Overall, the insurtech sector navigates a dynamic landscape, responding to economic fluctuations and technological shifts to shape its trajectory in 2023.\u003c\/p\u003e\n\n\u003cp\u003eScopeGlobalData’s Deals Database indicates that the number of completed deals in the insurtech theme by mid-June 2023 was at just 47.6% of the whole of 2022. On the other hand, the value of investments is expected to surpass 2022's levels, standing at 96.4% of 2022's value as of mid-June 2023.Marmalade is the most well-known brand in the UK among popular insurtechs. However, just 14.4% of consumers indicated that they had heard of the company.As per GlobalData’s 2023 UK Commercial Insurance Broker Survey, 10.4% of brokers are aiming to grow their business over the next 12 months by partnering with insurtechs to improve product breadth. This represents a 4.4 percentage point increase compared to 2022.Reasons to BuyIdentify leaders in the insurtech space across a variety of disciplines.Determine how leaders use modern technologies to drive efficiency and reach new customers.Recognize how incumbents are collaborating with insurtechs to improve their own product offerings and customer experience.Evaluate the strength of investment into the insurtech theme and ascertain the drivers behind this level.\u003c\/p\u003e","brand":"Service Industries","offers":[{"title":"August, 2023 \/ 77 Pages \/ MCW16277422","offer_id":47710282187058,"sku":null,"price":1194.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/insurtech-thematic-intelligence","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}