Highlights from the 2024 cohort include:

• The 50 winners include 23 tech vendors and 27 insurers and intermediaries.
• $5.6B in equity funding raised over time, including $1B in 2024 so far (as of 8/19/24).
• Forty percent of winners are early-stage insurtechs addressing everything from wildfire risk to genAI-powered workflow automation.
• More than a dozen countries represented, spanning Asia, Australia, Europe, and North America.
• 500+ business relationships since 2020, including with industry leaders like Swiss Re and Tokio Marine.

Our research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, patent activity, employee headcount, and proprietary Commercial Maturity and Mosaic scores. We also dug into Analyst Briefings submitted directly to us by startups.

Please click to enlarge.

CB Insights customers can interact with the entire Insurtech 50 list here and view a detailed category breakdown using the Expert Collection.

2024 INSURTECH 50 COHORT HIGHLIGHTS

Funding and valuations

The cohort has raised $5.6B across 210+ disclosed equity deals to date (as of 8/19/24). Next Insurance and Coalition lead in disclosed equity funding among the cohort ($1.1B and $770M, respectively).

In 2024 so far, this year’s winners have raised $1B across 38 disclosed equity deals. Just 5 deals account for more than half of this funding total:

• Altana AI — $200M Series C
• ICEYE — $93M Series D
• Vitesse — $93M Series C
• Cover Genius — $80M Series E
• Hyperexponential — $73M Series B

Altana AI reached a $1B valuation following its Series C round in July 2024. This earned it a spot in the unicorn club alongside the other unicorns in this year’s Insurtech 50 cohort: Accelerant, Coalition, and Next Insurance.

Stage breakdown

Forty percent of this year’s Insurtech 50 winners are early-stage companies (i.e., primarily seed or Series A). These companies are the fastest-growing among those analyzed, with a median 12-month headcount growth rate of 45% — 23 points higher than the median for the rest of the cohort.

Comparatively, 46% of winners are mid-stage (i.e., Series B or C), and 14% are late-stage (i.e., primarily Series D+).

Top investors

MS&AD Ventures has invested in 5 of this year’s winners, leading among venture capital (VC) firms, including corporate venture capital firms. The investor has backed 4 insurance providers — Accelerant, Anzen, Next Insurance, and Wagmo — and 1 tech vendor, Artificial Labs. 

Following MS&AD Ventures are Felicis, General Catalyst, Nationwide Ventures, and Portage — each of these investors has backed 4 winners.

When it comes to investment activity in 2024, Portage leads in the number of winners backed. So far this year, it has backed 3 insurance providers: CoverTree, Faye, and Hellas Direct.

Geographic distribution

This year’s Insurtech 50 winners are collectively headquartered across more than a dozen different countries. 

The majority of these companies (30) are based in the United States. Among US metro areas, New York and Silicon Valley lead the pack, as they are both home to 10 of the winners. These metro areas are followed by Boston (4 winners) and Atlanta (2 winners).

The UK follows the US with 8 winners — 6 based in London and 2 near Birmingham.

Headcount growth

Over 7,700 people are employed by the 2024 Insurtech 50 winners, with 4 companies employing about a third of the cohort’s workers: Next Insurance, Coalition, ICEYE, and Cover Genius.

From July 2023 to July 2024, this year’s winners created more than 1,400 jobs. One winner more than tripled its headcount over the period: Sixfold (+267% YoY).

The median 2024 Insurtech 50 winner has raised $0.6M in equity funding per employee. Altana AI and Next Insurance lead among the winners, each having raised $1.6M in equity funding per employee.

Company health

Forty-one of the 50 winners have a CB Insights Mosaic score — a proprietary measure of private company health and growth potential — of at least 700 out of 1,000 (as of 8/26/24). Compared to all private companies — insurtechs or otherwise — with Mosaic scores, these 41 winners rank in the top 3% by Mosaic score.

Next Insurance and Coalition — with Mosaic scores of 898 and 881, respectively — hold the highest scores among this year’s winners.

AI threads the tech vendor landscape

Most of the winning tech vendors offer AI products, which aligns with the broader momentum toward AI (and generative AI) adoption across the insurance industry. Applications often center on prioritization use cases, like risk ranking for underwriters and claims triage for adjusters.

The winners’ business relationships often incorporate the use of AI. Recent examples with industry figures include:

• Reask and AXA Climate — March 2024
• Akur8 and Tokio Marine HCC — April 2024
• Indico Data and Convex — June 2024

Insurtech managing general agents (MGAs) gain ground

MGAs — intermediaries with delegated underwriting authority from one or more insurance carriers as well as related entities like managing general underwriters — represent a sizable portion of the 2024 Insurtech 50 list. Their presence reflects broader industry momentum toward the business model.

Notably, most insurtechs within the commercial category are MGAs that offer property & casualty insurance to businesses. Established insurers have made strategic investments in several of these companies, including:

• American Family Insurance, which led Ledgebrook’s $24M Series A round in April 2024 via its CVC (American Family Ventures)
• Arch Capital Group, which participated in Rainbow’s $12M seed round in January 2024
• Hiscox, which led Coterie Insurance’s Series B round in March 2024

The post Insurtech 50: The most promising insurtech startups of 2024 appeared first on CB Insights Research.

Across themes like customer experience and genAI, insurance companies must make the right innovation bets to lower claims costs and stay ahead of the competition.

To help strategy teams prioritize P&C claims markets in their planning decisions, we plotted markets using CB Insights’ TECH framework, which scores markets across 2 dimensions:

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We provide a deep dive on the state of insurtech in the full report. Here’s the TL;DR:

• Global insurtech funding increases to $1.3B in Q2’24 — the highest level since Q1’23. Insurtech funding grew 44% QoQ — led by 50% growth in funding to P&C insurtechs, from $0.6B to $0.9B. Funding to life & health (L&H) insurtechs also increased QoQ, ticking up from $0.3B to $0.4B.

• Insurtech deal count falls 27% QoQ to 82, the lowest level since 2016. The drop was nearly proportional across P&C and L&H: P&C deals fell 28% to 54 deals, while L&H deals decreased by 26% to 28 deals. On a percentage basis, the decline in insurtech deals outpaced the broader venture and fintech environments (where deal activity fell 7% and 16% QoQ, respectively).

• Median insurtech deal size increases 25% from $4M in 2023 to $5M in 2024 YTD. Only 2021 has seen a higher median deal size over the past 10 years. However, while the median early-stage insurtech deal size is at a record-high $4M this year, late-stage deal size ($31M) is the lowest it’s been since 2018. Insurtech mega-rounds (deals worth $100M+) were nearly nonexistent in Q2, with Sidecar Health, a health insurer, raising the quarter’s only such deal (a $165M Series D).

• Insurtech sees its first IPOs since Q3’22. Two insurtechs IPO’d in Q2’24 — Digit Insurance, an India-based insurance provider, and Saudi Arabia-based Rasan, which primarily focuses on auto insurance sales and vehicle services. Both IPOs occurred amid a broader lull in global IPO activity.

• Europe’s share of insurtech deals reaches 35% — a record high. Deals to Europe-based insurtechs stayed roughly steady, ticking up from 28 in Q1’24 to 29 in Q2’24. Comparatively, the US saw insurtech deal count fall from 61 to 40. Funding to Europe-based insurtechs reached a 7-quarter high ($0.5B), driven by two $93M deals for Finland-based ICEYE — a provider of data from satellite imagery — and UK-based Vitesse, a claims payments processor.

The post State of Insurtech Q2’24 Report appeared first on CB Insights Research.

The technology has been top of mind for major insurers such as Cigna, Sun Life, and Munich Re, with discussion on corporate earnings calls surging over the past year.

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To do that, the company is prioritizing growth opportunities that augment its core business, with recent actions laddering up to broad themes like improving decision-making in claims and underwriting.

Notably, M&A activity is absent from Nationwide’s strategy. Instead, it grows its network of relationships through investments — at the corporate level and through its CVC arm, Nationwide Ventures — and partnerships.

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The post Analyzing Nationwide’s growth strategy: How the insurance giant is betting on embedded insurance, longevity, and risk engineering appeared first on CB Insights Research.

These tech moves reveal shared strategic themes across the industry.

Cyber risk — which primarily covers cyber capabilities related to insurance coverage, as well as tools for internal cybersecurity operations — is the top tech priority among leading insurers like AXA and Allianz in our analysis.

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The post Analyzing 15 P&C insurance leaders’ tech priorities: Here’s where incumbents are buying, investing, and partnering appeared first on CB Insights Research.

Even so, median insurtech deal size is up in 2024 so far — signaling that investors are still willing to make notable bets where they see opportunities.

Here is the TL;DR on the state of insurtech:

• Insurtech funding falls 18% QoQ to hit $0.9B in Q1’24 — the lowest quarterly level since 2018. The decline was particularly pronounced in P&C insurtech, which saw funding drop by 25% QoQ. Meanwhile, broader insurtech deal count ticked up by 3% to reach 107 in Q1’24.

• No $100M+ mega-round insurtech deals are raised for the first time since 2018. Relatedly, late-stage deal share — which often comprises larger, mega-round deals — is down to 7% in 2024 so far. Hyperexponential, a pricing platform, raised the largest insurtech deal in Q1’24 — a $73M Series B round.
• Europe sees quarterly insurtech deal count rise for the first time since Q2’22. Europe-based insurtech startups raised 28 deals in Q1’24, up from 24 in Q4’23. Funding also more than tripled QoQ, rising to $284M in Q1’24. The region saw the 2 largest insurtech deals in Q1’24: Hyperexponential’s Series B round and embedded insurer ELEMENT’s $54M Series C round.
• Median insurtech deal size is $5M in 2024 so far, up 19% vs. $4.2M in full-year 2023. This elevated median deal size is partially linked to an uptick in median early-stage deal size, which sits at $3.2M in 2024 so far. Meanwhile, the average insurtech deal size in 2024 YTD ($9.8M) is down 17% from full-year 2023.
• Insurtech sees its fewest M&A exits since 2018. Exit activity has nearly halted in insurtech, with M&A exits declining from 13 in Q4’23 to just 5 in Q1’24. Comparatively, fintech M&A exits largely remained flat QoQ — ticking down from 153 in Q4’23 to 152 in Q1’24.

The post State of Insurtech Q1’24 Report appeared first on CB Insights Research.

Presentations and panels centered on the new wave of opportunities from AI and data analytics within insurance.

We look at the key themes and use CB Insights data to dig into the underlying trends.

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New possibilities have emerged thanks to the proliferation of satellite launches — with SpaceX alone conducting a record 98 launches during 2023 — combined with the affordability of drones and advancements in imaging technologies.

This progress opens opportunities for startups and incumbents, helping expand geospatial use cases and capabilities across industries like agriculture, automotive, construction, defense & national security, insurance, manufacturing, mining, oil & gas, and more.

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The index calculates innovation by analyzing CB Insights data on acquisitions, dealmaking activity, and patent filings for each player, and it calculates execution based on earnings transcript mentions, partnership & licensing agreements, and product launches.

Below, we look at how prepared the top 50 insurance companies (inclusive of subsidiaries) are to adapt to a rapidly evolving AI landscape across 2 key pillars: innovation and execution.

• Innovation: The innovation score measures an insurance company’s track record of developing or acquiring novel AI capabilities. This score is based on CB Insights data including patents, acquisitions, and dealmaking activity.
• Execution: The execution score measures an insurance company’s ability to bring AI-powered products and services to market, as well as deploy AI internally across corporate functions. This score is based on CB Insights data including business relationships, product launch media mentions, and earnings transcripts.

Want to dive into key data featured in this index? CB Insights customers can check out the links below:

• AI investments
• AI acquisitions
• AI patents
• AI earnings call mentions

Leaders

Cigna leads in AI readiness, primarily due to its relatively high level of AI innovation. For example, the company is actively patenting AI-related tech. It has also funded companies with diverse AI use cases (like digital twin leader Aitia) and acquired AI-enabled solutions (like care navigation platform Bright.MD). When it comes to execution, however, Cigna lags behind some of its peers — this is due in part to lawsuits over alleged AI-guided claims denials.

Travelers and Munich Re round out the top 3. Notable AI initiatives for these companies include Travelers’ $435M acquisition of AI-powered cyber insurance startup Corvus Insurance. Meanwhile, Munich Re actively invests in and partners with AI-enabled companies like Augury.

GenAI-powered products are increasingly coming into focus for leaders in the space. More than 10 of the assessed companies have publicly announced genAI products, many of which are focused on operational improvements, such as claims processing and document summarization.

Innovation

Most assessed companies have demonstrated measurable AI innovation across various focus areas, although innovation scores generally lag behind execution scores.

Only 4 of the top 50 insurance companies — Cigna, Centene, Travelers, and Willis Towers Watson — have made an AI acquisition since 2019 (as of 2/16/24). Additionally, one of these acquisitions has since been divested: Centene sold Apixio to investment firm New Mountain Capital last year. However, 2 of these deals occurred just last quarter amid a boom of executive attention on AI. Travelers acquired Corvus Insurance and Cigna’s Evernorth picked up Bright.MD.

UnitedHealth Group and MassMutual lead in AI startup investments, as each company has inked 25+ deals since 2019. In fact, among assessed insurance companies, MassMutual was the most active AI investor in 2023 with 4 investments, most of which were focused on cancer treatment.

Just 5 companies — State Farm, UnitedHealth Group, Allstate, Cigna, and The Hartford — have accounted for the vast majority of the 900+ US AI patents filed by the evaluated cohort. State Farm alone has filed 300+ patents, including over 50 related to computer vision.

Execution

While AI execution scores vary among assessed companies, no player has emerged as a singular leader in this capacity.

Twenty-eight of the top publicly traded insurance companies have discussed AI strategies on earnings calls at least once since 2019. AI mentions surged in 2023, underpinned by discussion of genAI adoption from companies including Aon, Travelers, and UnitedHealth Group.

Meanwhile, 34 of the 50 insurance companies analyzed have entered into partnership or licensing agreements with AI startups. To highlight a few:

• AXA partnered with Kayrros to launch a wildfire risk management service last year.
• Munich Re partnered with EvolutionIQ in 2022 to support AI-enabled claims guidance for disability insurance carriers.
• Last year, Swiss Re and One Concern forged a strategic partnership focused on business interruption underwriting for natural catastrophe-related risks.

Many of the evaluated companies have also launched AI-enabled products. These efforts have commonly centered on opportunities within claims, operations, and underwriting. For example, Elevance Health is using genAI to analyze health data and provide members with care recommendations, while Liberty Mutual is analyzing loss data with AI. Multiple companies — including AXA and Manulife — are implementing internal genAI tools for employees.

Even so, a few insurance companies have faced lawsuits over their use of AI, which has weighed on their execution scores. For instance, separate lawsuits were filed against Humana and UnitedHealth Group in Q4’23 over their alleged use of AI to deny care for older adults.

The post Which insurance giants have the most AI innovation? Our AI Readiness Index shows Cigna is leading the pack appeared first on CB Insights Research.

B2C insurtechs use tech to distinguish their offerings from established B2C insurance companies in various ways, from gamifying wellness for policyholders to embedding insurance points of sale on third-party platforms.

Even so, the lines between B2C insurtechs and established insurance companies are increasingly blurred. Many B2C insurtechs partner with incumbents to sell insurance products, while others compete to sell insurance products to the same potential policyholders.

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Furthermore, despite the funding headwinds, insurtechs continue to see demand from strategic investors and acquirers. In Q4’23, for instance:

• Allianz and Allstate‘s venture arms invested a combined $265M in Next Insurance
• Travelers acquired Corvus Insurance for $435M
• Sumitomo Life took a majority stake in Singlife (which had previously merged with Aviva Singapore) at a $3.4B valuation

Based on our deep dive below, here is the TLDR on the state of insurtech:

• Global insurtech funding fell to $4.6B in 2023, the lowest level since 2017. Total insurtech funding fell 45% YoY, from $8.3B in 2022.
• A dearth of $100M+ mega-rounds drove the funding drop. Insurtech mega-round funding and deals fell by 64% and 63%, respectively, between 2022 and 2023.
• Quarterly insurtech deals have fallen by over 50% from their record high in Q2’21. Q4’23 saw just 100 global insurtech deals — a significant decline from mid-2021, when the sector saw over 200 deals in one quarter.
• Early-stage insurtech deal sizes held steady YoY at $3M in 2023. 62% of insurtech deals were early-stage in 2023 — a 5-year low in deal share after a spike to 70% in 2022.
• The US regained majority share of insurtech deals among global regions in 2023. US insurtech deal share ticked up to 51%, surpassing the 50% mark for the first time since 2020.

Below, we’ll explore these themes across 5 charts.

Global funding to insurtech startups fell 45% YoY to $4.6B in 2023, the lowest level since 2017 ($3.0B). The percentage drop in insurtech funding was greater than the decline in the broader venture environment (-42% YoY), although smaller than the drop in fintech funding (-50% YoY).

The funding declines were spread unevenly between insurance coverage areas:

• Funding to property and casualty (P&C) insurtechs fell 39% YoY, from $5.6B in 2022 to $3.4B in 2023.
• Life and health (L&H) insurtech funding fell by a greater degree — down 58% YoY, from $2.6B in 2022 to $1.1B in 2023.

The insurtech funding drop was driven by a decline in $100M+ mega-round activity. In 2023, insurtech mega-round funding fell 64% YoY to $1B, spread across just 6 deals:

• Next Insurance — $265M Series G
• Gravie — $179M Series F
• Devoted Health — $175M Series E
• Accelerant — $150M Series B
• Openly — $100M Series D
• Resilience — $100M Series D

This represented the fewest annual insurtech mega-rounds since 2017, when there were 5.

Global insurtech deals fell 19% QoQ to 100 in Q4’23, continuing a steady downward trend since Q2’21’s record high of 202. On an annual basis, 2023 saw 455 insurtech deals globally, a 6-year low. Broader venture and fintech deal counts also fell to the lowest levels since 2017.

Both P&C and L&H insurtech saw drops in the number of deals YoY, though P&C was less affected:

• P&C insurtech deals fell 25% YoY, from 451 in 2022 to 339 in 2023.
• L&H insurtech deals declined by 45% YoY, from 210 in 2022 to 115 in 2023.

2023 saw just 1 insurtech unicorn birth: Kin, a full-stack insurtech carrier focused on homeowners insurance, reached a $1B valuation in its $33M Series D round in September.

Insurtech exit activity fell 30% YoY, with 2023 seeing no insurtech IPOs for the first time in years. However, Q4’23 was notable for Travelers’ acquisition of Corvus Insurance — an insurtech managing general agent in cyber insurance — at a valuation of $435M.

Average insurtech deal size continued to decrease from 2021’s high, falling 24% from $15.9M in 2022 to $12.1M in 2023. The drop was driven by a downward trend in mid- and late-stage deal sizes.

Meanwhile, early-stage insurtech deals — which represented 62% of all insurtech deals in 2023 — saw no change in median deal size between 2022 and 2023.

US insurtech deal share rose 4 percentage points YoY in 2023 to 51%, once again giving the US a majority position in global deal share.

Even so, US insurtech deal count fell 31% QoQ to 48 deals in Q4’23 — the lowest quarterly level in years. Funding, on the other hand, ticked up to a 3-quarter high — largely due to mega-rounds for Next Insurance and Devoted Health.

The post State of Insurtech 2023 Report appeared first on CB Insights Research.

In 2022, the US P&C insurance industry saw its net loss ratio jump nearly 4 percentage points to the highest level in years, according to data from the National Association of Insurance Commissioners. And 2023 has seen major P&C insurers leave markets like California and Florida due primarily to natural catastrophe losses.

To help counter rising losses, insurance companies are turning to tech vendors to reduce operating expenses associated with claims. For instance, MAPFRE adopted Tractable’s solution for automated vehicle inspection, which leverages computer vision to automatically assess vehicle damage based on customer-submitted photos.

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Using CB Insights data, we dig into key takeaways from our State of Insurtech Q3’23 Report, including:

1. Global insurtech funding rebounds QoQ in Q3’23 but remains below pre-pandemic totals.
2. Asia insurtech funding jumps 181% following a historically low quarter.
3. Despite spiking in Q2’23, M&A exits drop by 28% QoQ in Q3’23.

Let’s dive in.

Insurtech funding bounced back in Q3’23, rising 22% QoQ to hit $1.1B across 119 deals. In terms of quarterly funding growth, insurtech performed better than the broader fintech (-3% QoQ) and venture (11% QoQ) markets in Q3’23.

However, despite the increase, quarterly insurtech funding remained below pre-pandemic totals in Q3’23. This highlights the uncertainty the market has faced in recent years.

As a result, annual insurtech funding is on track to hit $4.5B for all of 2023, which would mark the lowest annual total since 2017.

Following a historically low quarter, funding to insurtechs in Asia grew 181% QoQ to reach $160M in Q3’23. Deals also jumped from 13 in Q2 to 18 in Q3 — the highest quarterly count this year.

The largest deals in the region were raised by India-based agriculture insurtech Leads Connect ($63M), India-based auto insurtech RenewBuy ($40M), and Hong Kong-based life and health insurtech Bowtie ($35M).

Despite spiking in Q2’23, insurtech M&A exit count started to drop yet again in Q3’23, falling by 28% QoQ.

Tech companies drove some of Q3’23’s notable insurtech M&A deals. For example, Acturis acquired digital insurance forms provider Broker Buddha and Zillow acquired title insurance platform Spruce.

The post State of Insurtech Q3’23 Report appeared first on CB Insights Research.

Using CB Insights data, we dig into key takeaways from our State of Insurtech Q2’23 Report, including:

1. Global insurtech funding falls below $1B for the first time since 2018
2. Mega-rounds (deals worth $100M+) remain rare, with just 1 deal done in Q2’23
3. Insurtech M&A exits grow 45% QoQ, reversing a recent slowdown

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Modern core insurance systems can help insurers automate mundane tasks, such as auto-generating insurance forms for clients. They can also enable insurers to integrate with digital channels, such as connecting underwriting workflows with digital agent partners through APIs.

In the market map below, we identify 129 insurtech vendors addressing digital transformation and automation across 11 categories.

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The winners — picked from a pool of 2,000 — are working on cyber insurance, climate risk, distribution, and more. 

You can see our methodology and the full Insurtech 50 here.

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Among this year’s winners, some are developing new AI tools and infrastructure for insurers to digitize and improve back-office efforts, while others are competing with legacy insurers by building tech-first insurance platforms. A number of winners are digitally linking various stakeholders in the insurance industry, such as by opening new distribution channels or enabling more efficient risk transfer exchanges.

The CB Insights research team picked these 50 vendors from a pool of over 2K companies, including applicants and nominees. They were chosen based on CB Insights datasets — including R&D activity, Mosaic scores, business relationships, Yardstiq transcripts, investor profiles, news sentiment analysis, competitive landscape, and team strength — and criteria such as tech novelty and market potential.

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With companies shifting their strategies (including numerous insurtechs conducting layoffs), looking at valuation per employee can provide an indicator of a company’s overall efficiency.

In this brief, we use CB Insights data to identify which private insurtech players are the most efficient when measured by valuation per employee. We look at the following data points: 

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While California has captured headlines, insurers are also quietly leaving other markets where wildfire risks are deemed too severe. For example, a recent study found 76% of insurers have decreased their exposure in Colorado due in part to increased wildfire risk.

Wildfires have been costly for insurers — causing $39B in insured losses between 2018 and 2022 — and rising temperatures and drier climates are increasing their severity and frequency. The unprecedented fires raging across Canada this week, which have put the country on pace for its worst wildfire season yet, further highlight the situation’s urgency.

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It is now cheaper than ever to send satellites into orbit, in part thanks to SpaceX‘s innovations, which have helped bring the price of launching rockets down by 10x vs. a decade ago.

At the same time, satellite technology continues to improve. Today’s satellites feature better imaging systems, more powerful sensors, and faster data processing than ever before.

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In May, Bolttech closed a $196M mega-round and wefox announced a $55M follow-on investment to its Series B. Meanwhile, insurance executives are increasingly emphasizing distribution as a priority, with earnings transcript mentions of “insurance distribution” doubling since 2021. 

Insurance distribution platforms make it easier for both insurers and non-insurance companies to offer insurance products to customers across multiple channels. Using these platforms, insurers can scale their omnichannel distribution efforts across online/mobile apps, embedded insurance, and agency channels.

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Financial institutions are using the technology for use cases including conversational finance, financial analysis, and synthetic data generation. Now insurers are tailoring the tech to the insurance value chain to drive more personalized customer experiences and internal automation efforts. 

While most initiatives are currently in the early pilot stages, incumbent and startup insurers are betting heavily on generative AI’s transformative potential. Lemonade, for example, has identified 100 business processes that can be automated with generative AI. Similarly, Chubb CEO Evan Greenberg mentioned on the company’s Q1 earnings call that it’s ready to start using these AI tools at scale.

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Using CB Insights data, we highlight some of the key takeaways from our Q1’23 State of Insurtech report, including:

1. Global insurtech funding grows 40% QoQ in Q1’23, deals drop 5%.
2. Insurtech M&A exits drop 58% YoY, marking a continued slowdown from 2022’s record-high activity.
3. Mid-stage deal share up 10 percentage points from 2022, early-stage deal share down 11 percentage points.

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Executive interest in AI applications for insurance spiked in early 2023 following the public release of ChatGPT by OpenAI in Q4’22 and the subsequent boom in generative AI-related media attention. 

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The post How are Aon, MAPFRE, and Tokio Marine Holdings using advanced analytics to lower the cost of P&C claims? appeared first on CB Insights Research.