UK insurtech investment reached £15m in 2016, research shows
- 31st March 2017
- Innovation & Technology
Research from Accenture has shown that investments in UK insurtech more than doubled in 2016, reaching the highest in Europe at nearly £15 million.
The number of deals across technologies such as artificial intelligence and the Internet of Things (IoT) make up nearly half of the total investment in insurtech, increasing by 79 per cent last year.
The report also found that investment into start-ups in the insurtech industry has increased.
Report co-author Roy Jubraj stated that there has been a rapid acceleration of investment into and deal activity around intelligent automation and IoT start-ups during the last year.
He added that these technologies are set to disrupt the industry in the future.
Accenture Financial Services Managing Director Julian Skan stated that the research is evidence of the increasing role that new technologies are playing in innovation across the financial services.
He added that the next challenge that insurtech start-ups face is the same as more established fintech companies: the ability to translate investment into customer acquisition and growth.
A study from data analytics firm Consumer Intelligence has highlighted the impact of technology failures in banking, with more than…