Almost half of global investment into InsurTech startups is now funnelled into AI and IoT, with UK firms continuing to attract strong investment despite Brexit uncertainty last year.
A report, written by Irish consultancy firm Accenture, analysed 450 InsurTech deals since 2014 and showed a 79% increase in deals last year across the AI and IoT sectors.
Investment in the two technologies accounted for 44% of global InsurTech investment last year (or $711m), despite only making up a quarter (24%) of the sector’s deals. This is up from just 10% of global InsurTech investment in 2015.
Despite concerns across the UK insurance industry over Britain’s vote to leave the European Union – with the Lloyd’s of London insurance market announcing a new Brussels base this week – the UK InsurTech industry still attracted significant investment last year, doubling to almost $19m (£15.2m)....