How Insurtech investment priorities were shifted by the COVID-19 pandemic?
by SMEBOOK (admin) · January 30, 2021
The amount of money invested in InsurTechs during the first half of 2020 remained remarkably robust at nearly $2.2 billion, despite the economic fallout and general uncertainty prompted by the COVID-19 outbreak, according to data collected by Venture Scanner and analyzed by the Deloitte Center for Financial Services. However, investment was heavily concentrated in a relative handful of InsurTechs, while many may struggle to raise additional capital given the ongoing disruption in the economy and shifts in the industry’s needs and priorities. The pandemic has prompted many insurers to accentuate their digital transformation efforts and seek InsurTechs that can help accelerate virtual interactions in sales and claims, as well as reduce expenses.
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