The generation of new companies in the Insurtech ecosystem has been going on for almost more than 10 years, and naturally some of these companies have been scaling, evolving and pivoting throughout these years.
Even with the presence of unexpected events, such as the pandemic in recent years. The Insurtech startups were not left behind during the year 2021, by maintaining the speed that the pandemic forced them to have. Thanks to the global recovery that has been occurring, the industry was able to harvest the benefits of this revival phase.
2021 was without any doubt a booming year for startups with a historical figure of $10B, passing 2020´s total of $6B. Likewise, a consolidation of the market is happening with the presence of companies that are more mature in the value they offer to the market through products and services that are aligned with the demand of savvy consumers.
The great activity of Insurtechs was not concentrated in a single region as it used to happen in previous years. We were able to observe how Asia is gaining ground with the presence of companies with sophisticated business models and that connect with what the insurance consumer expects today.