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August, 12 2021

Industry Challenge

Automation is underway to help tackle the labor shortage

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What: The labor shortage is forcing companies to adapt and find innovative ways to fill staffing needs. One fun example of this is Matradee, a robot capable of opening kitchen doors and delivering food to tables. 

Why it matters: This introduces a whole new set of risks for business to manage; does workers comp cover server robots?   

Read: California Restaurant Recruits Talking Robot Due to Labor Shortage

Insurtech Update

Q1+Q2 2021 global insurtech funding hits record $7.4B

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What: The first half of 2021 saw accelerating investments in the insurtech space. With 162 deals totaling almost $5 billion in Q2 alone, deal volume this year has already exceeded the total volume for all of 2020. 

Why it matters: Everybody now realizes that digital insurance is the future of the industry, and it’s now a race to invest in the companies that are making it possible. 

Read: Global InsurTech funding balloons to $4.8 billion in Q2, up 89% from Q1 to push H1, 2021 ahead of full-year 2020

Insurtech Update

July insurtech funding: mix of software providers and insurers

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What: The July insurtech funding breakdown shows a mix of software companies and companies selling directly to customers. It’s a microcosm of the two approaches insurtechs are taking: upgrading the industry vs replacing it. 

Why it matters: It is interesting to note that this group is almost evenly divided in betting on current carriers vs startups. It comes down to a simple question: is the head start that existing players have enough to stave off new entrants?  

Read: Insurtech funding rounds July 2021

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