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Accenture: UK trebled investment in insurtech

More than 16 million pounds, equal to 22 million dollars, in the United Kingdom were awarded to insurtech startup. Data were disclosed at the launch of the new FinTech Innovation Lab London acceleration program, which now also will span to the insurance topic

18 Oct 2016

The United Kingdom and in particular its capital city, is known as the main Fintech center in Europe, and it seems this is farly true for that particular segment represented by the Insurance tech.

On the occasion of the launch event of the new acceleration program at its FinTech Innovation Lab London, now in its fifth year, Accenture has disclosed these promising data about the growth of investment in favor of startups engaged in insurance, data showing a collection capital of up to 22 million dollars in August 2016. Even 250,000 dollars more than the same period last year and even threefold compared to the overall result of 8 million dollars in 2015.

Globally, CB Insights reported for the first quarter of 2016, a total investment of 1 billion dollars; the scenario showed the dominance of the United States and the primacy of Germany in Europe, (where certainly a big deal as the 15 million raised by Friendsurance is important) closely followed precisely by the United Kingdom.

The rapid growth in the sector has led the consultants to broaden the number of startups that will be accelerated, bringing it to 20, and dedicate a specific focus and team to insurance tech.

“Innovation has no limits … There are few industries that have greater need of the financial services innovation, this is why companies need to keep up with digital technologies”, said Julian Skan, CEO of Accenture for Financial Services. “At the same time, even the smartest startup has much to learn from financial institutions and the largest technology companies”, he added. Here is a complete article on Insurance Business UK.

This focus on the theme of insurance tech by Accenture, brings the FinTech Innovation Lab London to be a new entry in the list of international accelerators and incubators which are moving to support this emerging field, we had already reported about in this article.

Only in London already exist Aviva Digital Garage, innovation center and business incubator, located in London and Singapore; Startupbootcamp, set of incubators specializing in different industry verticals, including the Fintech and from less than a year the insurance tech.

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