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2017 will see InsurTech make its mark but attracting talent could be a challenge, says KPMG

Commenting on the outlook for InsurTech in 2017, Murray Raisbeck, Head of Insurance Technology, KPMG says:

“People have been talking about FinTech for several years but in 2016 the term ‘InsurTech’ also started to gain traction. In our annual list of the top 100 FinTech companies globally, the presence of insurance start-ups almost doubled compared to 2015.  

“This trend will continue through 2017 and as a result we will see an increasing number of experienced senior figures move from traditional insurance into more nimble, fast growing InsurTech businesses. But whilst the traditional insurance market considers its options for moving headquarters to Europe, the big challenge for InsurTech firms will be to continue to attract the top tech talent to London whilst Brexit uncertainty looms.

“Insurance firms will be putting serious resource into their partnering capabilities through 2017 so that they are ready to team up with the best InsurTech companies as they emerge. I expect to see the most investment channelled into three main strands of technology; blockchain, particularly in commercial lines and reinsurance; Artificial Intelligence (“AI”) as firms increasingly utilise chat bots and virtual agents before venturing further into underwriting and claims; and the internet of insurance as our world becomes increasingly connected.”