While the report focuses on individual life and annuity companies, it also has broader insights for both insurers and new startups looking to inject product innovation in insurance – including on product timelines.
As RGAx Innovation Studio Lead Farron Blanc told us,
“It takes on average 40 weeks to bring a brand new term product idea to launch. And term is one of the easiest products to launch. That’s probably the life cycle of 70% of most non-fintech startups. So my personal takeaway is that the incumbents need to move faster, and startups/VCs probably have to recalibrate purchasing decisions timeline expectations.
More insurance startups deals in Europe
This week, we released our Q1 2017 Global Fintech Report. One of the report highlights was a notable investment deal jump to VC-backed European fintech companies.
As part of that, European insurance startups also saw a deals rise from the same quarter last year (not to mention, there were three new just deals this week). Get the full report here.
Next week, our friends at Willis Towers Watson Securities will be releasing a new quarterly insurance tech briefing with a first focus on the US small commercial segment.
The report features several Q&As with startups focused on establishing new brands in buying business insurance digitally.
Hiscox’s US direct business provides some perspective on timelines and scale.
In February, Hiscox said its US direct and partnerships business has surpassed 175K+ small business policies and $100M in premium. But it took seven years to get there.
Be sure to check out next week’s newsletter for a copy of the briefing.