by Fintechnews Switzerland
January 5, 2024
Home of Insurtech introduced on the finish of 2023 a complete report showcasing the Insurtech Map’s development and affect.
The platform has emerged as a hub for innovation, that includes over ±200 startups from Germany, Austria, Switzerland, and Liechtenstein. This interactive platform not solely highlights entries but additionally showcases progressive options which might be shaping the way forward for the insurance coverage trade.
HITS, Home of Insurtech Switzerland, acknowledges the paramount relevance of the strategic curation of the Insurtech Map, guaranteeing that each one related info from the insurtech trade is well accessible, fostering a collaborative surroundings and empowering decision-makers with a wealth of data on the palm of the person’s arms.
Ruth Armalé
“We acknowledge the significance of contributing to the event of a thriving open ecosystem, subsequently we’re curating and additional investing within the Insurtech Map. Insurtech developments are intently monitored by HITS by scouting and vetting startups within the DACH area and we maintain on the forefront of early market developments by actively participating with companions and buyers.”
explains Ruth Armalé, Chief Innovation Officer at HITS.
Insurtech DACH Tendencies 2023
These traits collectively illustrate the dynamic nature of the insurtech sector within the DACH area, showcasing a mix of technological innovation, strategic investments, and resilience within the face of financial challenges.
Generative AI and the Rise of LLMs (Giant Language Fashions):
Generative AI is anticipated to turn out to be a key part of the insurtech stack.
Roughly one-fourth of the insurtechs within the area are already using analytics and AI applied sciences.
Latest technological developments in AI, particularly Giant Language Fashions (LLMs), are poised to play a vital function in reworking the insurance coverage trade.
The final word aim is to make the most of Generative AI to reinforce and supply the very best buyer expertise within the insurance coverage sector.
Fairness Offers within the DACH Area:
On the capital facet, prime fairness insurtech offers from the DACH area in Q3 2023 have been landed by Hepster (EUR 10M Collection B) and SureIn (EUR 4M Seed) each from Germany, based on cbinsights, in a difficult macro economical surroundings. After report years 21-22, capital invested in Europe general nonetheless rising at +18% vs. 2020 (supply: Atomico). .
Prime DACH Insurtech Funding Rounds in 2023
Congratulations to all of the startups securing funding this yr. The Insurtech Map has witnessed exceptional achievements in funding rounds, regardless of the laborious situations for fundraising. We prolong our heartfelt congratulations to the next startups for efficiently securing funding:
Wefox Group: €50,000,000
Thinksurance: €22,000,000
TONI Digital: €12,000,000
Hepster: €10,000,000
Feather Insurance coverage: € 8,500,000
SureIn: €4,000,000
DGTL: € 3,200,000
Decentriq: €2,000,000
Swiss Insurtech Success Tales on the Map
Zoundream’s Breakthrough: Expertise Embedded in MaxiCosi Child Monitor:
One of many standout success tales from the previous yr includes Zoundream, whose cutting-edge know-how understanding infants cry, has been seamlessly embedded in Dorel’s hottest child monitor, MaxiCosi.
Imburse getting acquired by Duck Creek Applied sciences: The fee platform supplier Imburse was acquired by Duck Creek Applied sciences, a options supplier for property and casualty (P&C) insurance coverage. Imburse ranked among the many TOP 100 Swiss Startups in 2021 and 2022 and is a part of the Insurtech Map.
Calingo Insurance coverage launched digital pet insurance coverage for canines and cats in Switzerland along with Simpego. The progressive product comprises many customer-friendly options, reminiscent of a month-to-month cancellation proper. The provide is already assembly with nice success available on the market.
Simpego launched the license plate calculator, Switzerland’s quickest automobile insurance coverage premium calculator. Moreover, Simpego started utilizing AI for semantic doc recognition and automatic quote creation.
TONI Digital launched the brand new automobile insurance coverage “Belsura” completely on FinanceScout24. TONI Digital additionally launched new bicycle insurance coverage for the Swiss market in cooperation with ÖKK.
Smile expanded into the Austrian market in 2022 as Switzerland’s largest digital insurer. As well as, Smile was in a position to generate over 140,000 app downloads with the freemium provide and has over 30,000 energetic customers each month. As one other spotlight, Smile took daring steps in Internet 3.0. The digital insurance coverage firm launched the primary NFT for a great trigger and had its first experiences within the metaverse.
Meet The New Startups on the DACH Insurtech Map
Contact Threat: Creating new and enhancing present danger switch options by AI and superior know-how.
AKUR8: AKUR8 is a SaaS Insurtech specializing in Insurance coverage pricing optimization with Clear AI.
Pelt8: Making environment friendly sustainability reporting accessible.
Cyberion: Cyberion offers cyber safety safety to companies in Switzerland. Get your cyber danger evaluation and your quote on-line in lower than 5 minutes.
Apinity: Provide a Software program-as-a-Service resolution that empowers companies to start out and handle their API ecosystem – with none improvement efforts.
Over 2023, the Insurtech Map has advanced right into a dynamic platform, catalyzing innovation and fostering collaboration throughout borders. We’re proud to be on the forefront of showcasing startups that redefine the insurance coverage panorama. As we mirror on the previous yr, we anticipate even better achievements and breakthroughs within the years to come back.
