July 7, 2022
What: Wefox, an European insurtech selling coverages through in-house and third-party brokers, raised $400 million at a $4.5 billion valuation.
Why it matters: Full-stack insurtech carriers are trying to replace and go direct to customers to cut out agents and brokers. Others, like Wefox, are working alongside the existing insurers to upgrade the current way of doing things. We believe that upgrading and partnering will be the winning approach in the long run.
What: Lloyd’s of London is bringing a new PPL platform (Risk Placement Platform) to market to replace the one introduced in 2016, however, the expected 2022 launch is now being reassessed by the company.
Why it matters: Lloyd’s is one of the largest insurance companies that has ever existed, but are still facing delays and rising costs for their in house tech upgrades despite deep resources. We’re seeing a trend towards insurers of all sizes partnering with insurtechs to accelerate tech upgrades and accelerate innovation.
What: A recent in-depth analysis of the global travel insurance market has found that the industry is expected to more than double in size over the next six years. This growth will come from the increasing popularity of travel insurance, growing travel numbers, and increasing types of insurance products. The impact of the COVID-19 pandemic is also expected to boost the market significantly as travelers look for protection against disruptions and cancellations.
Why it matters: Covid travel requirements increased awareness around travel insurance, and that is propping up the market. There are good opportunities for carriers that want to participate. However, airline prices are rising and inflation is driving up travel costs, so good underwriting and risk pricing will be key to success.
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