Numerous findings converge on the realities that, despite the political and economic uncertainty around the United Kingdom’s vote to leave the European Union, the country continued to attract strong insurtech investment in 2016. The value of the investments there, more than doubled last year, to almost US$19 million. Investment in AI and the IoT also increased significantly, to almost US$1.7 million in total, according to a new report from Accenture.
Germany and France also remain on exciting curve. The United States’ share of deal volume in 2016 dropped widely. The percentage of insurtech investment for the rest of the world (deals outside the traditional hubs) more than doubled, from 11 percent in 2015 to 23 percent in 2016.
Recent Accenture fintech analysis showed that China, and more broadly, Asia Pacific playing a more prominent role as investment destinations for fintech capital. While global investment into fintech ventures grew 10 percent in 2016, to US$23.2 billion.
However, the daunting challenge for insurtech industry remains: being able to translate that investment into growth and customer acquisition.