When you build a startup, very often you ignore all the existing opportunities in the market. Some more obvious than other, but there are too many opportunities that are neglected by entrepreneurs. There are key markets and industries in which technology should definitely bet… And in fact, the insurance industry is one of them. Are you aware of all the opportunities in the insurance industry? Have you ever thought twice when investors from the American VC, Andreessen Horowitz, talk about insurance as a clear trend in tech for the next years? Maybe it’s the right time to talk about this and about all the opportunities that can benefit your business.
Emerging market and growing interest from investors
Tech startups in the insurance industry were able to raise since 2010, 2.12 billion dollars, and investors increased their interest in this sector over 9 times. From all the startups invested, 56% are in Digital Health, while the remaining 44% are in auto and financial services. And, truth is, most of these investments come from big insurance companies and not the usual venture capitals.
How to adapt tech solutions for the insurance industry?
Insurance is all about risk. In fact, technology allowed insurance companies to value risk in a more effective way, getting more personalised insurance plans that adapt to customer’s needs. Today, we have several gadgets and mobile apps that make insurance companies adapt their models. For example, customers with less health problems and who practice sports often, should pay less, while those with frequent health issues and who keep an unhealthy lifestyle oay more. Technology helped monitor this data, and both sides of the table gain with this partnership. Insurance companies decrease risk (therefore, they pay less) and are able to get the best plans for their customers, while tech companies help in the process and close very valuable partnerships and possible investments.
If, by any chance, you’re working on a tech solution that can be used by the insurance industry, from price comparison engines to financial services, from solutions in digital health to services, you might be losing a great opportunity. The opportunity of working with the best in this industry, such as Fidelidade and Fosun, and have the possibility of closing relevant partnerships that can make your business profitable.
Apply for Protechting, our startup accelerator, and don’t let this opportunity of getting a profitable business pass by.