14 Data from the second Startupbootcamp InsurTech program provides a A maturing ecosystem with growing expertise snapshot of how and where early-stage InsurTech firms are focussing their Not only are more InsurTech businesses now active, but they increasing- energies. Primarily, the data that has been used in this report is from ap- ly display greater sophistication. “InsurTechs have a more mature under- plications to the program and FastTrack events (633 start-ups). Whilst such standing of the insurance market,” says Derek Smith of Lloyds Banking data cannot provide us with a full picture of InsurTech it does enable us Group. “We are seeing firms that are much more mature than many of to understand the emerging landscape and, combined with external re- the early-stage companies we saw previously that had jumped across from search, comparison to last year’s data as well as PwC’s own experiences FinTech.” from the heart of the InsurTech ecosystem, it provides evidence of a num- ber of key trends: Startupbootcamp InsurTech’s data suggests that this reflects, at least in part, the involvement of experienced and expert insurance sector veter- 1. InsurTech is a maturing ecosystem with growing expertise ans in many InsurTech start-ups. More than four in five (81%) InsurTech start-ups have a team member with previous insurance sector expe- 2. InsurTech start-ups are increasingly tackling more complex rience.2 problems across the value chain This increased sector expertise has led to growing enthusiasm amongst 3. InsurTech start-ups are aligning more closely to insurers’ needs insurers about the prospects of these more insurance savvy businesses, says Jon Bradbury of Zurich. “There is now an awareness and excitement 4. More start-ups are focussing their attention outside of of what is possible and how it may enable us to do things faster, better and personal lines cheaper,” he says. 5. Increasingly, emerging technologies are underpinning InsurTech Indeed, the growing maturity of start-ups has already had an impact on solutions insurers, and whilst they “have not had a significant impact on sales yet, they have had an impact on culture,” says Christian Riepe of Ergo. “The 6. There are too few women in senior positions within InsurTech start-ups more traditional players are recognising that things are changing and that it is ok to fail, take risks and make mistakes in a managed way in order to 7. The InsurTech ecosystem is focused on collaboration and insurers ultimately drive more value in the projects we undertake.” are increasingly looking outwards to innovate Despite this growing maturity, it is important to remember how young In- surTech is. Success stories are still thin on the ground and although many PoCs are being trialled the majority are in their early stages and there are very few examples of successful implementations. 2 Startupbootcamp InsurTech, InsurTech Survey, 2017