August, 12 2021
Industry Challenge
Automation is underway to help tackle the labor shortage
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
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.
Insurtech Update
July insurtech funding: mix of software providers and insurers
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?
Know how tech is impacting insurance.
Get the weekly email that gives you tech insights on important industry trends and stories. Stay informed and understand insurtech, for free.