Until recently, InsurTech investment was often motivated by a "fear factor" — concern among insurers and general financiers about missing out on future unicorns. Now, investors and carriers appear to be getting more savvy and demanding about where they place their bets. (Image provided by Deloitte)
The InsurTech startup boom may finally be fading after a pioneering decade in which nearly 1,200 new entities were launched, backed by over $18 billion in venture capital. Yet few expect an InsurTech investment bust anytime soon, with valuations for the survivors likely to keep rising thanks to the law of supply and demand and the increasingly symbiotic relationship developing among InsurTechs and incumbent carriers.
The annual InsureTech Connect (ITC) conference is often considered a good barometer for the state of this vibrant, eclectic, yet maturing, community of non-insurance innovators, venture capitalists, and established insurers. While attendees may have rarely heard a discouraging word during the first three ITC gatherings (which saw attendance soar from 1,500 to over 7,000), this year the tenor, although still bullish, was tempered by the fact that launches have been reduced to a trickle over the past two years.
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