With the Insurtech Map, we have had the privilege of being right on the pulse of the InsurTech ecosystem, a front seat to the evolution of the industry. With more than 200+ startups on our lineup from all over Germany, Austria, Switzerland, and Liechtenstein, we’ve seen the many achievements of an ever-growing community.
New additions to the Map
This said we are excited to announce the addition of 14 startups to the platform. A warm welcome to Automation Hero, Baobab, EDUBAO, Embea, Garentii, MyGutachter, SureIn & Vinlivt from Germany 🇩🇪 and 3rd-eyes analytics, Coinnect, Dacadoo, DGTAL, grape & ZenOwn from Switzerland 🇨🇭.
To highlight a few of our new additions:
💡 grape (Switzerland) is the next-gen employee insurer providing group health, accident, and life coverages bundled with their B2B software solution.
💡 EDUBAO (Germany) provides insurance solutions designed for ex-pats, such as international students, professionals, vocational trainees, and more for their stay in Germany and abroad.
💡 DGTAL (Switzerland)transforms unstructured insurance information into smart data and develops AI models to analyze and optimize claims handling.
In addition, we are thrilled to see 6 startups from Austria, Switzerland, and Germany selected for the Insurtech100 list of the world’s most innovative InsurTech companies in 2022: bsurance from Austria 🇦🇹, Celciuspro, Dacadoo, DGTAL, RiskWolf from Switzerland 🇨🇭, and Scanbot from Germany 🇩🇪.
Insights from Initiators of the InsurTech Map
Katka Letzing CEO & Co-Founder at Kickstart shares, “As funding into Europe’s InsurTech market reached a record of over €2BN this year - over 300% increase from 2021 - this showcases the demand and importance of the innovative solutions these InsurTechs are bringing to the table. Over the next years, we are specifically interested in seeing the InsurTech Map grow with startups driving sustainable development in the fields of renewable energy, AI, ML, and cloud-based solutions reducing data center emissions, as well as satellite imagery to assess risks and develop mitigation strategies.”
Ruth Armalé, Head of Open Innovation at HITS, highlights that “Almost 40% of startups on the Insurtech Map are in the Distribution and Marketing value chain step. Insurtechs are magnifying the way we advise & create long-lasting relationships with our customers. This aligns with the insurance trend of focusing on creating phygital experiences and enabling insurer stakeholders to connect better with consumers. Furthermore, insurance companies are moving more and more into the B2B2C space, and it is exciting to see more embedded insurance options out there."
Marc Hauser adds, "It is very positive to see increased funding and higher collaboration appetite by incumbents. Especially in the currently difficult economic climate. We see this as a sign for accelerated momentum, which will attract even more insurtechs to enter the space. Incumbents face changing clients needs and are looking to establish partnerships with startups to provide answers more quickly. A virtuous cycle that will continue to accelerate innovation in 2023 and beyond."
Success stories
Austrian digital insurer L’AIME Direkt has specialized in the implementation of digital insurance processes in non-insurance companies. They have recently expanded into over 10 countries & have over 600,000 customers.
Helvengo, Swiss-based InsurTech, raised over €4 million in its seed round earlier this year, making it one of the top 10 highest seed deals globally in the first half of 2022 (out of 78 InsurTech from 27 countries)
Swiss InsurTech Dacadoo was awarded InsurTech of the Year at the first Swiss InsurTech Summit & Awards 2022, with special recognition prizes awarded to Enterprise Bot and vlot, these last two share the working space at HITS’ Innovation Garage in Generali’s headquarters.
And Jarowa, won first place at the Innovationspreis der Schweizer Assekuranz with its platform Mira, which automates coverage checks for claims notifications.
Industry trends
According to recent studies by Deloitte, the global InsurTech market is expected to grow more than 50% per year, driven by increasing insurance claims and advanced technologies. The core trends that will drive this growth are:
Acceleration in industry digitization, including legislation, business models, and scaling
Unlocking the value of collaboration in the form of new partnerships and increased investments into InsurTechs
Hyper-personalisation, putting the client at the core and providing holistic offerings for all things insurance
In regards to the European InsurTech market, the majority of deals are focused on Distribution, mainly Property & Casualty. Germany is among the top 3 dominating countries in the sector, alongside the UK and France. As the regional insurance industry is highly regulated in Europe, InsurTechs are able to leverage emerging regulations and management of these as a business opportunity.
Join us!
To join this incredible community or nominate an InsurTech startup, head to https://insurtechmap.eu/submit/
We look forward to being part of this thriving sector and working with these companies as they grow from strength to strength. Many thanks for a great year and see you in 2023!
The InsurTech Map Team
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