This report takes a data-driven look at global insurance tech trends with a focus on commercial insurance.
After a tough first half of 2020, insurtech companies saw a strong resurgence in activity in Q3’20.
This quarter, insurtechs raised $2.5B across 104 deals — increasing in both funding and deal count by 63% and 41%, respectively.
- The strong get stronger: Six late-stage mega-rounds drove more than 60% of total funding.
- But investors still see opportunity in early-stage companies: This quarter, early-stage deal share grew to 57% — returning to pre-Covid levels.
- India overtakes China for the first time since 2017: For the first time since Q4’17, startups based in India raised more funding rounds than those based in China.
- L&H companies represent a disproportionate number of the quarter’s largest rounds: Historically, L&H lags P&C in deal share. However, in Q3’20, of the top 20 largest deals this quarter, a disproportionate amount of L&H startups raised large rounds.
- Commercial insurtech builds funding momentum: This quarter, we saw several companies focused on offering or facilitating commercial coverage attract significant funding.
Willis Towers Watson’s Insurance Consulting and Technology provides a powerful combination of advisory services for insurance companies, integrated with leading-edge technology solutions and software that is underpinned by unparalleled analytical capabilities. We combine our deep insurance domain expertise with our technology capabilities to support clients with risk and capital management, strategy and growth, technology, and operational effectiveness and profitability.
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This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity