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December 20, 2021

Twitter round-up: Florian Graillot’s tweet on the growth of insurtech start-ups in Europe the most popular tweet in Q3 2021

Life Insurance International lists five of the most popular tweets on insurtech in Q3 2021 based on data from GlobalData’s Insurance Influencer Platform.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

The top tweets are based on total engagements (likes and retweets) received on tweets from more than 150 insurance experts tracked by GlobalData’s Insurance Influencer platform during the third quarter (Q3) of 2021.

The most popular tweets on insurtech in Q3 2021: Top five

1. Florian Graillot’s tweet on the growth of insurtech start-ups in Europe

Florian Graillot, founding partner at venture capital and private equity firm astoryaVC, shared an article on the growth of insurtech start-ups in Europe. A study conducted by astorya.io for insurance magazine L’Argus revealed that insurtech start-ups are transforming the sector’s development, which is expected to expand further in the future.

The European insurtech ecosystem has reached matured over the last two years and insurtech start-ups have gained a significant foothold in the market despite initial resistance. Furthermore, 20% of European insurtech start-ups including Alan, Luko and Shift Technology are based in France. Majority of the start-ups are focused on the individual insurance segment, mainly car and home rather than health, the article detailed.

Username: Florian Graillot

Twitter handle: @FGraillot

Likes: 62

Retweets: 35

2. Xavier Gomez’s tweet on artificial intelligence (AI) being used in banking and insurance

Xavier Gomez, founder and chief operating officer at technology services provider INVYO, tweeted an article on the use of AI in banking and insurance. A survey conducted by investment company Temasek found that just 13% of the sector uses AI solutions in its operations, while 31% of companies are merely experimenting with AI-driven solutions.

The report detailed that nearly all financial services companies are using AI, but differ in the extent of the technology deployment. Majority of banks and insurance companies deploy different AI technologies and methods for various processes including loan and insurance underwriting, fraud detection, claims management, and marketing.

The survey also found that nearly two-third of businesses are concentrating more on machine learning (ML) and advanced statistical algorithms. The article added that adopting ethical AI and analytics can generate roughly $2tn a year in value to the worldwide banking and insurance businesses.

Username: Xavier Gomez

Twitter handle: @Xbond49

Likes: 40

Retweets: 34

3. Mike de Waal’s tweet on big data, ML and AI transforming the insurance industry

Mike de Waal, CEO of AI-driven group insurance procurement technology platform Global IQX, shared an article on how big data, ML and AI are transforming the insurance industry. The global insurance industry is estimated to be worth more than $5tn comprising commercial life insurance, property and casualty, and health and medical insurance companies.

Insurance companies can build new policies that target new audiences by accessing the massive libraries of big data that are available to them and combining this data with ML and AI capabilities, the article highlighted. Insurtech start-up Traffk, for example, is aiming to transform the insurance industry by utilising data and applying analytics tools and technologies. Furthermore, AI platform revenues in the insurance industry are projected to grow by 23% to $3.4bn from 2019 to 2024, according to a report issued by GlobalData in April 2021.

Username: Mike de Waal

Twitter handle: @globaliqx

Likes: 40

Retweets: 27

4. Michael Fisher’s tweet on the number of insurtech companies in various insurance segments

Michael Fisher, senior systems analyst at aerospace parts manufacturer Whitcraft Group, shared an infographic on the number of insurtech companies within different insurance segments. The highest number of companies are operating in the comparison marketplace segment at 144, followed by infrastructure insurance at 110 and auto insurance at 89, according to the infographic.

Health insurance (68), enterprise insurance (67), insurance data (54) and home insurance (54) are other segments with significant number of insurtech companies. The user acquisition segment has 29 insurtech companies, while peer-to-peer (P2P) insurance segment has 24, consumer platforms segment has 24, and insurance investors segment has 22 companies. Reinsurance and product insurance segments have the lowest number of insurtech companies at 14 and 16, respectively.

Username: Michael Fisher

Twitter handle: @Fisher85M

Likes: 34

Retweets: 24

5. Spiros Margaris’ tweet on the benefits of using AI for insurers

Spiros Margaris, board member at venture capital firm Margaris Ventures, shared an article on the benefits of AI for next-gen insurers. Insurers can make use of image-based data and ML models to understand the scope of damage to vehicles and speed up the claims resolution process. UK-based technology firm Tractable, for example, has developed a technology using AI and ML to determine the exact the level of damage to vehicles. The company is now partnering with 20 of the world’s major insurers to expand into home and property insurance.

The article highlighted that over the next five years, large insurers will start utilising AI technologies developed by start-ups such as Tractable as proof-of-concept. Improvement in claim processing could lead insurance companies to increase the use of AI by acquiring such start-ups to bring the technology in-house, the article added.

Username: Spiros Margaris

Twitter handle: @SpirosMargaris

Likes: 29

Retweets: 31

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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