Insurtechs are disrupting all areas of the insurance industry

Insurtech

Technology firms providing solutions for the insurance industry is nothing new and was dominated by large solution providers for many years. However, for over 10 years technology-focused startups have been making waves in the insurance sector.

The disruption created by Insurtechs is impacting all areas of the insurance industry – across personal lines, commercial, specialty and London Markets.  This disruption is creating innovative new propositions for consumers, challenging traditional business models, accelerating existing processes, and providing market-leading technology to insurance companies.  

Around £5bn was invested globally in Insurtechs in 2019, and Q1 2020 has seen a significant investment despite the economic challenges in the current climate.  A significant amount of that investment has been in the UK (second only to the US), with major deals being signed for both established insurtechs, and up and coming technology firms.   

Altus is well placed in the Insurtech ecosystem, with strong relationships with several Insurtechs and is a key member of the Insurtech UK alliance.  We work with our clients and insurtechs in a structured way, across all stages of a change lifecycle, using our industry leading methods and models to enable clients and Insurtechs to engage on successful projects.   

Additionally, we provide a bespoke service to Insurtechs, to support ongoing changes enabling focussed developments to meet the needs of major insurers.  

More details on all of these can be found below.