Insurtechs gain new customers during the pandemic

There are 210 insurtechs in the DACH region. Most of them are benefiting during the coronavirus pandemic. A study identifies gaps in the market.

According to a study, insurtechs have largely benefited during the coronavirus pandemic and have been able to acquire new customers. 80 percent of start-ups have been able to acquire new customers, a third of them even more than 50 percent. Seven out of ten insurtechs have significantly expanded their new business in the past 18 months. This is according to the "InsurTech Radar" by Oliver Wyman and Policen Direkt, which monitors the scene in the so-called DACH region - i.e. all German-speaking countries. Oliver Wyman is an international management consultancy with more than 5,000 employees.

The study sees fewer start-ups than a few years ago. However, due to a number of market exits, the number of insurtechs in German-speaking countries remains stable at 210. 30 of these are already in the scale-up phase. The authors of the study see technology-driven insurtechs on the upswing. "We continue to see good opportunities for start-ups in fields that are currently still understaffed," says Dietmar Kottmann, Partner at Oliver Wyman. In the study, the two fields of "neocarriers - digital product innovation" and "new digital risks" in particular are identified as still being underrepresented.