Europe becoming an insurtech hub to rival North America, says Accenture

By Johan De Mulder

Europe has grown to rival North America as an insurtech hub, according to a new report from Accenture.

Based on figures from 2017, investment in insurtech globally rocketed to $2.3bn, with a third of that capital now coming from Europe. The continent's number represents a 118% rise compared to 2017, while the total deals in North America rose only by 6%.

The United Kingdom confirmed its status as Europe's insurtech capital with $364mn invested, dwarfing the $19mn from the year before. The UK has seen total growth of 117% over the last two years.

See also:


Accenture's report argues that insurtech should serve as a catalyst for innovation across the insurance industry, urging traditional insurance firms to embed innovation at the heart of their operations.

"The insurtech industry’s rapid growth reflects investors’ response to consumer appetite for change in an industry sitting on trapped value," said Roy Jubraj, Accenture’s UK and Ireland Insurance Strategy and Innovation lead. "At the same time, however, insurers must recognise that insurtech investments alone can’t deliver the levels of change and innovation the industry requires or that its customers expect.

"The key is having an enterprise-wide innovation strategy that transforms the core business and enables the company to drive growth."

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy