Insurtech has already seen investment deals for more than $2B in 2016, including $400M Oscar round, $500M Ping a Good Doctor Round and $191M Metromile rounds. Connected insurance – any insurance solutions using sensors, any insurance solution for collecting data on the state of an insured risk and telematics for remote transmission and management of data collected along the insurance value chain – a protagonist in this landscape. The Metromile’s announcement about the Mosaic Insurance acquisition demonstrates how the auto telematics is the most mature insurtech tends. This is the first bite to the insurance sector, Insurtech is officially eating-up traditional insurance.
In few weeks this exciting moment for the insurance sector will be discussed at the largest global InsurTech Conference with more than 1,200 attendees: InsureTech Connect in Las Vegas.
Jay Weintraub – founder of the conference – explains “We did not begin the process of launching InsureTech Connect because of the proliferation in coverage, both online and offline, of the insurance tech ecosystem. Instead, we were fortunate enough to have had literally hundreds of conversations with entrepreneurs, investors, and incumbents, all of whom spoke of their desire to see a more complete picture of the innovation landscape and get answers to Board level questions. Each had distinct business issues that could be aided by a larger, global gathering of insurance innovation. Those conversations and our history of creating category leading gatherings lead us to believe that not only could an event like ours add value but that we were the right people to do it.”
At the conference auto insurance telematics will be discussed on the second day of the conference in the “Consumer Auto: Evolution or Revolution?” session. Matteo Carbone – founder of the Connected Insurance Observatory – says: “I consider connected insurance the most relevant insurtech trend for TAM and maturity level as of today. I will show at the conference facts and figures about the Italian auto insurance telematics market, the most advanced globally with more than 4,8 millions of connected cars at the end of 2015 sending data to the insurance carriers for pricing, services and claims management. The telematics penetration on the auto personal line is currently above 16% in Italy and it continues to growth. A recent customer survey showed how more than 80% of Italians are likely to use telematics to obtain discount and services from their insurance.”