Levels of insurtech activity reached a record high during the second quarter of 2017 with a growing focus on claims management technology, according to a report.
The Quarterly Insurtech Briefing by Willis Towers Watson Securities, Willis Re and CB Insights reveals that insurtech funding was close to $1b in the second quarter, compared to $398m in the same period of last year.
Projects and partners
The rise is due to a growing number of insurtech deals and a global move towards research and development across all parts of the insurance chain. The report notes that well-established insurers and reinsurers are increasingly investing in technology partners.
Targeting claims management
The report identifies claims management as an area of growing interest, adding that one of the most disruptive scenarios of the insurtech revolution could be ‘a change in underlying function of the insurance value chain, from volatility management (paying claims) to risk mitigation (making losses smaller)’.