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InsurTech investment remains robust through three quarters of 2020, but focus shift to digitization, scale and integrated solutions. (Source: Deloitte) InsurTech investment remains robust through three quarters of 2020, but focus shift to digitization, scale and integrated solutions. (Source: Deloitte)

Despite the COVID-19 pandemic and its economic fallout, total InsurTech investment through the first three quarters of 2020 appears as robust as last year’s record levels. However, the outbreak has prompted some significant changes in funding priorities, driven by shifting demand for the types of InsurTech products and services that can help legacy carriers adapt sooner rather than later.

The pandemic has spurred many insurers to accentuate digital transformation efforts and seek InsurTechs that can help accelerate virtual interactions in sales and claims, as well as reduce expenses. Attention also seems to be shifting toward InsurTechs that can provide insurers with more comprehensive, holistic offerings rather than single-point solutions that need to be integrated by the end-user.

 

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