Insurtech and bigtech players are leveraging significant capital inflows to boost technological development and spur innovation, according to a new report from Capgemini and Efma.

According to the World InsurTech Report 2021, new digital players are offering greater personalization and an emphasis on customer experience, putting pressure on incumbent insurers to up their game. In response, incumbents are partnering with or acquiring insurtechs in an attempt to strengthen their own tech capabilities.