2023年全球保险科技报告

Page/6

TableofContent

1.Thestatusofglobalinsurtech

2.Geographicaldeepdives

3.Theshifttooperationalefficiency

4.Deepdivetopics

1.Thestatusofglobalinsurtech

Page/7

VCinvestmentpulledbackover50%inH12023YTD

comparedtoH12022.

Insurtechfundingisnowbackto2018-2019levels.

Globalventurecapitalinvestmentininsurtechstartups

»viewonline

Thebiggestroundsof2023

»viewonline

▊$250M+▊$100-250M▊$40–100M(seriesC)▊$15–40M(seriesB)

▊$4–15M(seriesA)▊$1–4M(seed)▊$0–1M(pre-seed)

$5.0B

$4.0B

$2.7B

$3.0B

$2.5B

$2.3B

$2.0B

$1.6B

$1.4B

$1.4B

$1.0B

$1.0B

Q12017

Q12019

Q12020

Q12021

Q12022

Q32022

Q1Q2*

2023

Page/8Source:Dealroom.co.*Dataupto2ndJune2023.

InsurtechVCactivityin2023hassloweddown45%fromlastyear,performingabitbetterthantheglobalVCaverage.Over$2.4Bhavebeeninvestedininsurtechin2023sofar.

GlobalVCfundingbyindustryinH12023YTD*VCfundinggrowthbyIndustry,H12023YTD*vsH12022

HealthEnterpriseSoftware

Fintech(exclInsurtech)

EnergyTransportation

Foodtech

Semiconductors

Robotics

Insurtech

Edtech

HRTech

$24.2B

$23.5B

$21.0B

$13.0B

$9.9B

$5.7B

$3.6B

$2.9B

$2.4B

$1.2B

$1.2B

Semiconductors

Energy

Health

Insurtech

EnterpriseSoftware

TotalVC

Fintech(excl.Insurtech)

Transportation

Robotics

Foodtech

Edtech

HRTech

-22%

-40%

-45%

-45%

-49%

-51%

-60%

-63%

-64%

-66%

-67%

-80%

Page/9Source:Dealroom.co|CreatedwithDatawrapper.de.*Dataupto6thJune2023.

GlobalMarketSize

Insurtechisstillheavily

underinvestedcompared

withotherindustriesof

similarsize,suchasMobility,

FoodandHealth.

Page/10Source:Dealroom.coInsurancemarketsizebasedonGWP

$14T

$12T

$10T

$8T

$6T

$4T

$2T

GlobalMarketSizevs.IndustryVCInvestment(2022-2023)

y

Finan

cial

Serv

ices

RealEs

tate

Energy

Education

Insurance

Foo

d

Heal

th

Mobilit

Travel

$20B$40B$60B$80B$100B$120B

VCInvestment(2022-2023)

Financialperformancesofselectedinsurtechandinsurers

(sortedbyincreasingEV/revenuemultiple)

EV/revenue

(2022)

n/a

0.0x

93%

95%

72%

82%

97%

76%

87%

EV/EBITDA(2022)

n/a

n/a

n/a

n/a

3.0x

Rev/CAGR+2y

-5.1%

+46.6%

UnitedhealthGroup

Progressive

Hippo

Grosslossratio(2022or

Q12023)

40.2x

n/a

n/a

+2.0%

+14.6%

-14.9%

+32.6%

-63.9%

-11.7%

-22.6%

+8.9%

EBITDA%(2022)

77%

85%

Rootinsurance

BrightHealth

Company

CloverHealth

+53.7%

+10.0%

+3.81%

+41.6%

-10.3%

-279%

-116%

+6.3%

Lemonade

Admiral

14.1x

4.6x

0.4x

0.0x

1.0x

1.8x

1.5x

1.4x

Oscar

Insurtechvaluationshaveplummetedmuchmorethanbroadertechmarketsandtraditionalinsurers.Theirrevenuemultiplesarenowlowerthaninsurers.

Stockpriceevolution,indexedto100Jan2021

▊SP500▊Nasdaq▊SP500insurance▊HSMCInsurtechindex

+38%

+18%

+4%

-59%

|

Page/11Source:Dealroom.co

CreatedwithDatawrapper.de

Valuationshavedroppedsharplyinthepublicmarketin2021-2022andrecentlyslightlyrecovered,whileprivatemarkethavenotreadjustedsubstantially.

$250B

200B

150B

100B

50B

Combinedenterprisevalueofglobalinsurtechcompanies

▊privatecompanies

»viewonline

▊publiccompanies

»viewonline

$238B

$43B

201320152017201920212023

Insurtechstartupsarenowworth$281B,withprivatecompaniesrepresenting85%oftheoverallsector.

Thevalueofprivatecompaniestakeslongertoadjust.Whileprivatecompaniesgrewsignificantlyfrom2021to2022(+19%),sincethenthegrowthhasslowed

downinthefirstquarterof2023(+1%YoY).

Incontrast,thevalueofpublicinsurtechvaluations

droppedsignificantlyfrom2021to2022(-59%).

Page/12Source:Dealroom.co|CreatedwithDatawrapper.de*Dataasof6thJune2023

Insurtechsʼvaluationscontinuetobe

disproportionatelyaffectedbyanearliercorrectioncomparedtootherindustries.

ForwardRevenuemultiplesforpubliccompanies

—FAAMG+—EnterpriseSaas—Fintech—Healthtech—Consumer/Internet—Overall—Insurtech

22x201816141210

8

6

4

2

20x

2021Q1

2023Q1

2022Q1

Page/13Source:MundiVentures,Pitchbook

2.0x

“

Inthemidstofaglobalmarket

rationalization,insurtechinnovationemergesasabeaconofopportunityforinvestors.

"Thereisindeedasignificantopportunitytofindamazing

innovationintheinsuranceindustrythatisbeingmistakenly

comparedtothefirstbigwaveofdisruptiveinsurtechs.Wehave

witnessedasignificantmarketrationalization,includingperiodsofnegativeinterestrates,whichhasnowledtoacorrectioninthe

techmarkets.Thecurrentenvironmentismuchmorefavorableforinvestors,withvaluationsreturningtonormallevelsandsufficienttimeavailableforconductingDDs.Furthermore,with

technology-focusedprivateequityfundsholdingover$300billionindrypowder,weanticipatearesurgenceofultra-liquidity.Thisinfluxofcapitalwillnotonlyenhancemarketdynamicsbutalsounlockamultitudeofadditionalinvestmentopportunities.”

JavierSantiso

CEO&GeneralPartner

atMundiVentures

Howeverseveralleadingprivateinsurtechshavebeenabletoconfirmorevenincreasetheirvaluationinrecentmonths.

Notableexamplesofleadinginsurtechmaintainingorincreasing

theirvaluationdespitemarketdownturn

Company

Segment

Pastvaluation

Mostrecentvaluation

Growth

wefox

Challenger

$4.5BJul2022

$4.5BMay2023

0%

Challenger

$1.1BOct2021

$1.5BApr2023

+36%

clearcover

Challenger

$1.0BApr2021

$1.0BNov2022

0%

Challenger

$1.0BMar2022

$1.0BDec2022&Mar2023

0%

bolctech

Embedded

insurance

$1.0BDec2021

$1.6BMay2023

+60%

VE占TT口口

Risk-transfer

marketplace

$1.0BOct2022

$1.75BMay2023*

+75%

Page/14Source:Dealroom.co*Vesttooreportedlyraising,notyetofficiallydisclosed

Q12022

Q12022

100%

100%

100%95%

90

8071%

70

7%

30

90

80

70

60

50

40

30

20

70

60 50 40

30

20

69%

38%

20

10

Q12021

Q2Q3Q4

Q2Q3Q4

Q12023

Q12021

Q2Q3Q4

Q2Q3Q4

Q12023

Late-stageisdownthemost,62%frompeak,evenifwithapartialreboundinrespecttoQ42022.Early-stageisdown29%frompeakbutisholdingonwellsinceQ22022.

Numberofroundsevolutionbystage

Early-stage(SeedtoSeriesA)*$1-15M

SeriesB$15-40M

100%

Late-stage(SeriesC+)$40M+

100%

10

10

Q12021

Q12022

Q2Q3Q4

Q2Q3Q4

Q1

2023

»viewonline

»viewonline

»viewonline

Page/15Source:Dealroom.co.*Theroundcountforearly-stageislikelytobeunderestimatedduetoreportinglaginthelast12months.

Distributionstillattractsmostofthefunding,whilechallengersandMGAsareataminimuminrecentyears.

100%

80

60

40

20

ShareofVCinvestmentbyvaluechain

20162017201820192020202120222023

▊Reinsurance

▊InsurtechAdminTech

▊InsurtechProductandPrice,

Underwriting,Claim

▊EmbeddedInsurance

▊InsurtechDistributionand

brokerage

▊MGA

▊ChallengerandFull-stack

Insurance

Challenger,fullstack&MGAshareoffunding

lowesteverin2023.

Distributionisstillattractingthemostfunding.

Keyinsurtechfunction(productandprice,

underwritingandclaim)arestillnotattractingalargeshareoffunding.

Admintechplatformshaveattractedafewbigrounds.

Page/16Source:Dealroom.co|CreatedwithDatawrapper.Dataupto12thJune2023.

ShareofVCfundingP&CvsL&H

▊P&C▊L&H

Mainsegmentsbyinsurtech

fundingin2023

▊P&C▊L&H

P&Cisstillattracting

over60%ofinsurtech

VCfunding.Mainly

drivenbycommercial

andcyberinsurance,as

wellashomeandcar.

Lifeinsuranceisstill

widelyunderinvested

comparedtoHealthand

P&C.

100%

80

48%

52%

52%

61%

60

40

52%

48%

48%

39%

20

2016

2017

2018

2019

33%

48%

48%

67%

52%

52%

202020212022

38%

62%

2023

Commercialinsurance

Houseand

property

insurance

Carinsurance

Cyber

insurance

Climaterisk

Healthinsurance

Lifeinsurance

Page/17Source:Dealroom.co|CreatedwithDatawrapper.de*Dataupto12thJune2023.

SeriesB+

Notableglobalinsurtechinvestors.

EURAZEO

Ribbitcapital

commerzventures

§mundiventures

FiRSTMARK

Accel

otopusvemtures

SeriesA

gGuardian

Albionvc

Lightspeed

\crew

ppitango

zpartech

PORTAG=

GFC

PLUGANDPLAY

InsurTechvc

(Pre)

Seed

Gcodwatet

astoryavc

bifiance

anthemis

SUSAVENTURES

S|speedinvest

Sectoragnosticfunds

Insurtechfunds

Fintechspecialists

Strategicinvestors(Insurers,

reinsurers,financialsector)*

Page/18Source:

Dealroom.co.Fundshand-pickedbasedonnumberofinvestmentsinInsurtech.

*OnlyconsidersdirectinvestmentfromcorporateorCVCarm,notLPparticipationsinVCfunds.

Sofarnonewinsurtechunicornshavebeenmintedin2023.

Newinsurtechunicornsand$1B+exits

»viewonline

26

24

22

20

18

16

14

12

10

8

6

4

2

63%

ofinsurtech

unicornswere

createdbetween

2020–2022

201520162017201820192020202120222023*

Manyinsurtechunicornshavefallenfromgrace

●Afterreachanall-timepeakin2021,with26newunicornminted,in2022newunicorncreationwentbackto2020levels.

●Sofartherehavenʼtbeennewunicornscreatedin2023.

●13%ofallinsurtechunicornslosttheirunicornstats.

Formerinsurtechunicorns

Unicorn

(Acquiredin2021)

hippo

doma

W

aterdrop

oscar

cloverHealth

HQ

US

US

US

US

China

US

US

US

Description

Carinsurance

Carinsurance

HouseandpropertyinsuranceHouseandpropertyinsuranceLifeandhealthinsurance

LifeandhealthinsuranceLifeandhealthinsuranceLifeandhealthinsurance

»Explore

Exploreallinsurtechcompanies

thatdropbelowthe$1Bvaluation»

Page/19Source:Dealroom.co|CreatedwithDatawrapper.de*Dataupto12thJune2023.

BiggestinsurtechexitsinQ1&Q22023

»viewonline

Afterreachinganall-timehighin2022,insurtech

M&Asarebackto2020levels.Afewpubliclistings

havereappearedinQ1.

Globalnumberofinsurtechexits

»viewonline

▊Acquisitions&Buyouts▊IPO&SPACS

Q12020

Q12022

Q12023

Q12021

Q2

2023

YTD*

Page/20Source:Dealroom.co|CreatedwithDatawrapper.de.*DatauptoJune6th2023.

M&Acommentary:PEandleadinginsurtechsarebeingactiveacquirers,insuranceincumbentsmostlynot.

DifferentshadesofM&Aexistinthemarket

Whatʼshappeningalotinthemarket:marketconsolidation

Insurtechxinsurtechacquisition

expandingintonewmarketsorconsolidatingtheirleadbyacquiringpeers

x

Otherexamples

x

x

PEbuyouts

takingadvantageofdiscountedpublic/privatemarketvaluations.

vvrsrAx

OtherexamplesAdelisEquityxHedvig"

Thetwotrendsarealsointerconnected.WhenPEtake

ownershipofinsurtechstartups,thestartupoftenusesthe

warchesttomakeacquisitions.

Whatʼsnot(yet)seenwidelyinthemarket

Acquisitionsbyinsurers

Alotofdrypowderisavailablefrominsurersandfallingprivate

valuationsmightbeenteringvaluezoneforsomeofthem.Weexpecttoseesomeacquisitions,butnotfromallinsuranceplayers.

x

luko

Bankruptcies&firesales

Insurancefundingpeakednearly2yearsagowhichisaroundthe

averagerunwayforprivatestartups.Theneedofcash,inflated

valuationinpreviousroundsandtoughfinancialmarketwillmean

severaloftheseinsurtechmightnotbeabletoraiseagainandendupdeclaringbankruptcyorgoingthroughafiresale.

Weexpectedthistostarthappeningsoon.

Page/21Source:Dealroom.co

Insurtech

Fintech(exclInsurtech)

Health

EnterpriseSoftware

Transportation SecurityMarketingRealEstate

Media

FoodTravel

HomeLiving

(re)insurershavealsosloweddowntheirinvestmentactivitybacktopre-pandemicnumbers.

VCinvestmentby(re)insurer*

»viewonline

▊$250M+▊$100-250M▊$40–100M(seriesC)▊$15–40M(seriesB)

▊$4–15M(seriesA)▊$1–4M(seed)▊$0–1M(pre-seed)

$4.0B

$3.9B

$3.0B

$2.7B

$2.0B

$1.5B

$1.3B

$1.0B

H12022

H12017

H12016

H12018

H12019

H12020

H12021

H1

2023TD*

Beyondinsurtech,themajorityoftheirinvestmentswenttoFintech,HealthandEnterpriseSoftware.

(%)Shareof(re)insurersʼinvestment

byindustry(2022-23YTD)

27%

20%

15%

11%

8%

6%

4%

4%

2%

1%

1%

1%

Page/22Source:

Dealroom.co|CreatedwithDatawrapper.de*2023dataupto12thJune2023

*OnlyconsidersdirectinvestmentfromcorporateorCVCarm,notLPparticipationsinVCfunds.

Insurersviewontheinsurtechmarket.

“

Thepersistentlyhighuncertaintyisjeopardizingtrust,afundamentalelementforanyinvestmentwithamedium-longtermhorizon–andVentureCapitalisnoexception.”

AllKPIsarepointingtowardsthefactthatitʼsbeenaharshrunsofar,andwearefarawayfromtheend.

Unlessasharpchangeinthescenariohappenssoon,asstartupswillstartrunningoutofcash,downroundswillbecomemorefrequentand,inmostcases,inevitable;M&Adealswillstart

happeninginavisibleway,andthereʼsgoingtobegoodopportunitiestoacquireunique

technologiesandtalentsforincumbent

(re-/)insurers.

StefanoBison

GroupHeadofBusiness

Development&Innovation

Generali

“

Althoughinvestmenthascooled

acrosstheVClandscapeingeneral,"good"startupsarecontinuingtoclosesignificantfundraising

rounds.”

Itshouldalsobenotedthatinsurersstillhavealotofroomtoadoptinsurtechsolutionsthatarereadytobedeployedatscale.

Thiscreatesahugeopportunityuptograbfor

insurtechstartupsprovidingsolutionsfrom

claimsautomationandpaymentsto

underwritingandpricing.

Theonlywayisup-thetransformationofthe

industryisunstoppable.

JoanCuscó

GlobalHead

ofTransformation

MAPFRE

“

Fundingwastooeasy.Insome

casesmoneywasraisedwithoutasolidcustomerpropositionand

businesscase.”

Nowtherehasbeenaresetandtheplayerswhodonothaveasolidfoundationaregetting

squeezed.Intheenditisagoodthingandwewillendwithamorehealthymarket.

ThereisstillalotofunspentcapitalandwewillseeM&Akickingoff,butnotfromallinsurers.

Someinsurerswillnotacquireanymore,afterhavingseenthefailuretodeliveronpromisesofsomeinsurtech1.0players.Otherswillinsteadseethisasanopportunity.

JeroenMeijers

HeadofNNVentures

NNGroup

Page/23

Page/24

2.Geographicaldeepdives

USisstilltheleadinggeographyforinsurtechinvestmentsin2023.However,Asiaistheregiongrowingthemost.

VCinvestmentininsurtechbyregionin2023YTDGrowthinVCinvestmentbyregion,H12023vsH12022*

UnitedStates

RestofAsia

Europe

SoutheastAsia

LatinAmerica

Restoftheworld(Oceania,Africa)

$1.2B

$418B

$341B

$216B

$79M

$38M

RestofAsia

SoutheastAsia

UnitedStates

Global

Europe

Restoftheworld(Oceania,Africa)

LatinAmerica

58%

-5%

-22%

-23%

-33%

-69%

-85%

Page/25Source:Dealroom.coDatauptoJune12th2023.

$178M

$61M

$35M

$34M

79%

21%

30%

70%

UK,GermanyandFrancearestillattractingover4/5ofthefundinginEurope,butothermarketsareattractinganincreasinglyhighshareofearly-stagefunding.

VCinvestmentininsurtechbyregionin2023YTDGrowthinVCinvestmentbyregion,H12023vsH12022*

UnitedKingdom

Germany

SouthernEurope

France

RestofEurope

$14M

100%

80

60

40

20

▊RestofEurope▊UK,GermanyandFrance

2020

2022-23

Page/26Source:Dealroom.coDatauptoJune12th2023.

Spain

Nr.ofVC-backedstartups:40+

EnterpriseValue:$0.7B

Investmentsince2020:$156M

EarlyVCGrowth:0.7x

»viewonline

Italy

Nr.ofVC-backedstartups:30+

EnterpriseValue:$2.0B

Investmentsince2020:$249M

EarlyVCGrowth:1.1x

»viewonline

Italy,Netherlandsand

Estoniaareshowingthe

strongestearly-stage

growth.

Netherlands

Nr.ofStartups:20+

EnterpriseValue:$0.8B

Investmentsince2020:$188M

EarlyVCGrowth:1.7x

»viewonline

Franceistheonlymajor

marketwhichisshowing

early-stagegrowth.

is

year.

Early-stagefundinggrowthbycountry

inEurope2022-2023vs2020

▊HighGrowth▊MediumGrowth

▊NoGrowth▊NotEnoughtocompute

Highgrowth:2x+fundingamount,1x+roundcount;

Mediumgrowth:1x+fundingamount,0.7x+roundcount

Page/27Source:

Dealroom.co|CreatedwithDatawrapper

Dataasof12thJune2023.

20%

16%

14%

14%

13%

12%

11%

11%

9%

9%

3%

TopcountriesforinsurtechVCfundingbeyondNorthAmerica,EuropeandChina(2022-2023)

12.9%

RestofAsia

8%

India

5.5%

SoutheastAsia

3.1%

Latam

1%

Africa

0.5%

Oceania

Insurtechisnowmoreglobalthanever.TheshareoffundingflowingoutsideofNorthAmerica,EuropeandChinahasnowreached31%in2023,mostlyledbyAsia.

100%

80

60

40

20

ShareofInsurtechVCinvestment

31%

201220142016201820202022

▊NorthAmerica,Europe,China

▊RestoftheWorld

Page/28Source:

Dealroom.co|CreatedwithDatawrapper.de

Dataasof2ndJune2023.

InsurtechVCfundinginLatinAmerica

»viewonline

▊$250M+▊$100-250M▊$40–100M(seriesC)▊$15–40M(seriesB)

▊$4–15M(seriesA)▊$1–4M(seed)▊$0–1M(pre-seed)

60+

VC-backedstartups

witha

combinedenterprisevalueof$4.4B,up5xsince2020.

$300M

Lataminsurtechstartups$239Min

2022,nearly50%lessthanin2021.

2023isprojectedtofallshorter,butstillreboundfromthelowinH22022.

$252M

$208M

$79M

H1

2023TD*

H12018

H12019

H12020

H12016

H12022

H12017

H12021

FOCUSONLATM

Lataminsurtechecosystemhasstartedtoemergestronglyinthelatestyears.

H12023isshowingapartialreboundinfunding,evenifquitefarfrompeakoneyearago.

60+

Vc-backedstartups

$239M

VCinvestment

raisedin2022

$200M

MostfundedLataminsurtechstartups

bytotalofVCinvestmentraised

$100M

Explorelist

»

ExploreallLatam

insurtechstartups

Page/29Source:Dealroom.co*Dataas2ndJune2023

FOCUSONLATM

“

Latamisaprimedgeographyfor

insuranceinnovation,thankstoa

stronglyunderservedpopulationandhighdigitaladoption.

"ThetraditionalfinancialsectorhasunderservedLatam

customers,withlessthan50%havingaccesstobanking

services.Themostimpactfulinclusivesolutionthathaveemergedareneo-bankslikeNubank,serving75million

customers,anddigitalwalletslikeMercadoPago,whichhas38millionusers.

WethinkinsurtechstartupsinLatamhavetheopportunitytoreplicatethistoclosetheprotectiongap.Additionally,

LatamCustomerareverysensitivetosustainableaspectandweobserveamovefromthetraditionalmodelintothetripleimpactmodel,includingnotonlyprofitabilitybutsocialandambientalimpacts.”

CustomerinLatamexpectanhighlydigital

customerexperience,butalsoattentionto

humantouch.

Financialinclusionandsustainabilityaspillarofinsurancedevelopments.

KeyLatammarketcharacteristics:

●Highlydigitalusers,reachablethroughalternativechannelssuchasfintechande-commerceplatforms,aswellasFacebookandWhatsApp.

●Distinctlocalculturesineachregionandcountry,leadingtoresistancefrom

traditionalintermediaries.However,theseintermediariescanaddvalueby

humanizingthedigitaljourney.

Internetpenetrationrate(2021)*

Chile92%

HuguesBertin

PartneratHCSCapitalandCEOatDigitalInsuranceLatAm

Argentina86%

Brasil81%

Mexico74%

Colombia70%

Global62%

Page/30Source:Dealroom.co*Dataas2ndJune2023

3.

Theshifttooperationalininsurance

efficiency

Page/31

Profit-sharingwiththe(re)insurer

FullstackInsurtech

MGA

Fundingtomarket

UpfrontcapitalrequiredtooperateMinimalcapitalrequired

Discretiononproductwithincriteriasetbycarrier

Fullcontroloftheproduct

Product&UW

License

Fullylicensedinsurancecompany,regulatedbysupervisoryauthority

Partnerswithathird-partyrisk

carrierwhobecomesthecontractual

counterpart

Capacity

Moresecurityandcontrolof

capacitybutrequiresavailabilityof

regulatorycapital

Capacitydependentonriskappetiteof(re)insurer

Uniteconomics

Maximizinglongertermexitvalue(IPOorinsureracquisition)

Strategic&financialacquirers

Exit

Whilebothfull-stackandMGAshavebothsufferedastrongfundingdecrease,theMGAmodelisshowingmoreresilienceandattractedmorefundingsofarthisyear.

Comparisonoffull-stackandMGAmodelsforinsurtechs

Retainstheentireprofit

(andloss)pool

VCfundingfullstackvsMGA

MGAFullstack

$2.6B

$2.0B

$1.2B

$1.0B

$490M

$362M

H12022

H12016

H12017

H12019

H12020

H12021

H12018

H1

2023TD*

VCfundingfullstackvsMGA

40

30

20

10

MGAcountFullstackinsurancecount48

40

22

14

H12022

H12017

H12018

H12019

H12020

H12021

H1

2023TD*

H1

2016

Page/32Source:MundiVentures,Dealroom.co*2023dataupto14thJune2023

ChallengersandMGA-AvailabilityofcapacityiscrucialforthesuccessofanMGA.

180

160

140

120

100

80

60

Howdenpricingindexforprimary,reinsuranceand

retrocessionmarkets–2012to2023(Source:NOVA)

Globaldirectandfacultativereinsuranceat1.1Globalcommercialinsurance

▊Non-marinecatastropheretrocessionat1.1▊Londonmarketcasualtyreinsurance1.1

▊Globalproperty-catastrophereinsuranceat1.1

201220132014201520162017201820192020202120222023

Thereinsurancemarketisinfluencedbyvariousfactors,andtheReinsurancePricingIndexisavaluabletoolformonitoringandunderstandingthesedynamics.

When(re)insurersprovidecapacitytoinsurtechMGAs,theirprimaryobjectiveistogainacomprehensiveunderstandingoftheofferedproduct.AsMGAsgeneratesignificantGWP,theirproductiondirectlyaffectstheinsurer'sP&L.Consequently,(re)insurersmayreviewtheprovidedcapacityandassessproducteligibilitylimits.MainproblemsthatMGAsarefacing:

1.ThelandscapeofMGAinsurtechsisrapidlyevolving,andsimplyprovidingtechnologyforproductdistributionisnolongersufficientforachievingsuccess

2.Reinsurerswillprioritizeallocatingtheircapacitytoentitiesthatcanshowcaseaproventrackrecordofprofitability

“

Reinsurancecapacityisbecomingmore

expensive,directlyimpactinginsurtechsaimingtoachieverapidgrowththroughnewproducts.”

JavierSánchez

InvestmentAssociate

atMundiVentures

Page/33Source:MundiVentures

Claimsautomation&fraudmanagement

Virtualclaims

assessment

Tractable

SHIFT

C>Motionscloud

-gentero

②EROS

Agentsync

Claims

management

Fraud

management

Payments

Payment

processing

@

Quantemplate

:SIFT

Healthpayments

口IESTA

Underwriting

artifcial.

DSLOPE

*.archipelago

Insurtechstartupsaretacklingoperationalefficiencythroughthewholevaluechain.

Embeddedinsurance

neot

Enablingagents

Distribution

Hybriddistribution/P2Pdistribution

Product&underwriting

Pricingandmodelling

Page/34Source:

Dealroom.co.Logosareexemplificativeandnotexhaustive.

Visit

https://insurtech.dealroom.co/intro-curated-content

formoredetails.

Smallhouse

Vehicleappraisal

damages

Houseloss

Injury

Operationalefficiency,claims

Claimsascenterofcustomerinteraction

Automationandhumantouchinclaimsmanagement

Full-automationpossible(Straight-Through-Processing)

Todayisalreadypossibletoautomateavehicleappraisalwithminordamagetoover98%accuracy,meaningthecustomercangetadiagnosisandrepairquoteinlessthan3minutes.

ForinstanceMAPFREisalreadyautomatingthousandsofpre-inspectionstodetermineavehicle'scondition,assesslossdamageappraisalsandprocesshomeinsuranceclaimsinSpain,Brazil,andColombia.

Humantouchiskey,automationnotinthepicture

“

ThankstoAI,todayyoucangetavehicleappraisalinlessthan3minutes.

WeʼveenvisionedAI-poweredoperatingmodelsthatare10xmoreefficient,leveragingwhatwecall

Straight-Through-Processing,whichistheabilitytoexecutetaskslikeend-to-endclaimhandlingwithouthuman

intervention.

Butwedonʼtintendtoautomateeverything.Notjust

becauseinsuranceisacomplexbusinesswithamilliondifferentsituations,butalsobecauseinourbusiness,thehumantouchandempathyareessential.Before

implementinganysolution,wesitdownwithcustomersandaskthemwhattheythinktheprocessandeachrelated

interactionshouldlooklike.”

JoséAntonioArias

GroupChiefInnovationOfficer

atMAPFRE

Page/35Source:MAPFRE

Operationalefficiency,payments

Paymentsoptimizationininsurance

Achievingtruepaymentintegrationininsurance

Inefficientprocessingofpayments