Half of insurance customers are willing to consider insurtechs

Insurtechs have secured more access to capital allocation from investors in the last few years and by the end of 2020, the total market cap of listed insurtechs surpassed $22 billion, according to the World Insurtech Report 2021. But capital isn’t the only thing insurtechs are gaining access to: More than half of customers are also now willing to consider an insurtech for coverage.

The increase in willingness is likely because the access to capital has led insurtechs to build out their digital capabilities and improve the customer experience. The report from Capgemini, information technology and consulting company, and Efma, a nonprofit organization for banks and insurance analysis, includes surveys, discussions, interviews and an analysis of over 900 insurtechs.