Insurtech, London & NY are the cream of the crop

The Big Apple is the new excellence for innovation in the insurance sector, in spite of Silicon Valley. While London continues to attract investment despite Brexit. Here’s what happens in the two most attractive places for startups

Published on 06 Oct 2017

Forbes enthrones New York as emerging capital in insurtech, the technological innovation that is revolutionizing insurance industry. After years of undisputed Silicon Valley dominance for the tech industry, now that technology has become transversal to any other industry, the map of the most dynamic hubs is enriched with new benchmarks that leverage on specific ‘vertical skills’ , on the presence of research centers or industry clusters.

This happens in New York, where the headquarters of many Fortune 500 insurance companies are concentrated, including AIG, Metlife, Marsh, Chubb / ACE, New York Life, Assurant and Travellers. Material proximity to these large insurance companies offers startups greater opportunities to develop partnerships or find talented and experienced managers, “stolen” to traditional companies. NY is also the city of media, designers, creators and marketing agencies: if you need to build a brand, the big apple is the place with the highest concentration of specialized professionals, as the CEO of CoverWallet Inaki Berenguer.

But it’s more than that. The regulatory system is perhaps considered in US that with the greatest costraints, the most difficult to deal with, and exactly for these reasons, is considered an important proving ground. ” We have chosen New York as the first state to launch Lemonade. – said to Forbes Daniel Schreiber, CEO and co-founder of Lemonade, one of the most innovative and aggressive insurtech startups in New York –  Apart from being a financial capital, we wanted to face with NY regulators and State legal system, well-known to be one of the most demanding worldwide. We wanted to get the license in such an unbending state so that we could quickly replicate the licensing process in other less rigid states at national level”.

Among the most prominent startups of the New York system there are Oscar (who is already a giant), Jetty, Slice Labs, CoverWallet, Haven Life, Fabric.

On the other side of the world, the emerging core city of the insurtech seems to be London, despite the Brexit has triggered fears of repercussions in all financial environments including the insurance industry.

Nevertheless, figures are clear: according to Accenture, as reported in this article by InsuranceAge, 218 million pounds would have been invested in the first half of 2017, compared to the 7.3 million pounds of the previous year. A rip-roaring increase. Brexit effect didn’t occurred and British capital absorbs 30% of the entire amount of European investment in the insurtech.

Accenture’s research also revealed that cloud computing, the Internet of Things, and Big-Date Technology attracted the largest number of investments.

“The key message for us is that 2017 is setting up as an incredible year for insurtech in the UK” said Simon Tottman, Accenture UK and Ireland insurance analyst and research manager.

Among the most interesting insurtech startups based in London there are Guevara, Brolly, Cuvva (Scottish but based in London), BuzzMove, Digital Fineprint, Neos and Spixii, (founded by Italians). Spixii was among the winners of the latest edition of the BNP Paribas Cardif Open-F@b Call4Ideas international startup insurtech contest, whose new edition dedicated to the “preventive insurance” has recently been opened to nominations. To join, click here above.

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