Insurtech Map: Wrapping up 2022!

With the Insurtech Map, we have the privilege of being right on the pulse of the insurtech ecosystem, with a front seat to the evolution of the industry. With more than 200+ startups in our lineup from the DACH region, we’ve seen the many achievements of an ever growing community. 

We are excited to announce the addition of 14 startups to the platform. Among others: Coinnect, 3rd-eyes analytics, DGTAL, ZenOwn & Grape

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‍‍Highlighting a few of our new additions

grape (Switzerland) is the next-gen employee insurer providing group health, accident, and life coverages bundled with their B2B software solution.

DGTAL (Switzerland)transforms unstructured insurance information into smart data and develops AI models to analyze and optimize claims handling.

Zenown (Switzerland)allows to centralize and keep track of all purchase information to be well protected and never miss a warranty ever again. 

We are also super excited to see that 6 startups from the DACH region were selected for the Insurtech 100 list (by SONR) of the world’s most innovative Insurtech companies in 2022. These include, among others: bsurance from Liechtenstein, Celciuspro, Dacadoo, DGTAL, RiskWolf from Switzerland (all Zürich-based).

Success stories from the map

Austrian digital insurer L’AIME Direkt has specialized in the implementation of digital insurance processes in non-insurance companies. They have recently expanded into over 10 countries & have over 600,000 customers. 

Helvengo, Swiss-based InsurTech, raised over €4 million in its seed round earlier this year, making it one of the top 10 highest seed deals globally in the first half of 2022 (out of 78 InsurTech from 27 countries)

Swiss InsurTech Dacadoo was awarded InsurTech of the Year at the first Swiss InsurTech Summit & Awards 2022, with special recognition prizes awarded to Enterprise Bot and vlot, these last two share the working space at HITS’ Innovation Garage in Generali’s headquarters.

What's happening in the industry?

According to recent studies by Deloitte, the global InsurTech market is expected to grow more than 50% per year, driven by increasing insurance claims and advanced technologies. The core trends that will drive this growth are:

1. Acceleration in industry digitization, including legislation, business models, and scaling
2. Unlocking the value of collaboration in the form of new partnerships and increased investments into InsurTechs
3. Hyper-personalisation, putting the client at the core and providing holistic offerings for all things insurance 

In regards to the European InsurTech market, the majority of deals are focused on Distribution, mainly Property & Casualty. Germany is among the top 3 dominating countries in the sector, alongside the UK and France. As the regional insurance industry is highly regulated in Europe, InsurTechs are able to leverage emerging regulations and management of these as a business opportunity.

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Ruth Armale, Head of Open Innovation at HITS, sais "Almost 40% of startups on the Insurtech Map are in the Distribution and Marketing value chain step. Insurtechs are completely reinventing the way we advise & create long-lasting relationships with our customers. This aligns with the trend of Marketing and Distribution, focusing on creating phygital experiences and enabling insurer stakeholders to connect better with their insurees. Furthermore, insurance companies are moving more and more into the B2B2C model, which is exciting to see more embedded insurance options out there."

Katka Letzing, CEO & Co-Founder at Kickstart, adds “As funding into Europe’s InsurTech market reached a record of over €2BN this year - over 300% increase from 2021 - this showcases the demand and importance of the innovative solutions these InsurTechs are bringing to the table. Over the next years, we are specifically interested in seeing the InsurTech Map grow with startups driving sustainable development in the fields of renewable energy, AI, ML, and cloud-based solutions reducing data center emissions, as well as satellite imagery to assess risks and develop mitigation strategies.”

Marc Hauser, Head Europe at F10, concludes, "It is very positive to see increased funding and higher collaboration appetite by incumbents. Especially in the currently difficult economic climate. We see this as a sign for accelerated momentum, which will attract even more insurtechs to enter the space. Incumbents face changing clients needs and are looking to establish partnerships with startups to provide answers more quickly. A virtuous cycle that will continue to accelerate innovation in 2023 and beyond."

To join this incredible community or nominate an InsurTech startup, head to https://insurtechmap.eu/submit/

We look forward to continue being part of this thriving sector and working with these companies as they grow from strength to strength. Many thanks for a great year and see you in 2023!

The InsurTech Map Team

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