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

Dubai debate on Future of Cloud Security in the Middle East

Survey and roundtable on The Future of Cloud Security in the Middle East to examine cloud adoption and security readiness in the region

Saudi to rival Silicon Valley with US$9bn tech investments

Saudi Arabia announces US$9bn investments in future tech amid unprecedented growth in digital economy – Microsoft, Oracle, Huawei, Zoom all big spenders

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

Digital Strategy

PwC’s survey shows Middle East CEOs remain upbeat on growth

Leadership & Strategy

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy