This final report in the series will examine 'Claims', a process which begins with the first notice of loss, through validation, adjustments, approval, and then all the way to settlement and the transfer of funds to the customer. It is here that insurers fulfil their obligation to their clients in the event of an actual loss and given how fundamental claims are to the industry, this is an area where a (re)insurer can really demonstrate their worth.
Getting the claims and settlement processes right can maximize the investments that (re)insurers are making elsewhere and create best-in-class customer engagement experiences. The benefits of this are not only felt externally, either; the pricing and underwriting process can also benefit from a clear and comprehensive view of claim and loss data, for example, to aid with capital allocation and forecasting.
As per previous reports, we also spotlight key InsurTech companies, engage with industry thought leaders, and provide detailed insights into the latest InsurTech investment trends.
Key findings for Q4
- Global InsurTech funding dropped 5.6% YoY, from USD4.51 billion in 2023 to USD4.25 billion in 2024
- Early-stage funding and average deal sizes were bright spots for 2024
- Global InsurTech funding halved QoQ, from USD1.38 billion in Q3'24 to USD688.24 million in Q4 2024
- AI centered InsurTechs accounted for 42.3% of deals in Q4'24
- Half of Q4'24 InsurTech deals involved InsurTechs with a focus on claims
