Fintech Singapore

Insurance Firms Losing Ground to Insurtechs as Funding Reaches All Time High

Despite rising coverage demand brought about by the global pandemic, customers are being left rather unsatisfied with the convenience, advice and reach offered by their existing insurance providers, creating opportunities for new players and insurtech firms, according to Capgemini and Efma’s World Insurtech Report 2021.

The report, which draws on research insights from surveys, roundtable discussions and interviews, claims that although customer intent to buy insurance rose 7% due to COVID-19, behaviors and attitudes towards insurers have changed.