4 4 5 6 5% of applicants are focused 20% of applicants support InsurTech has pushed on customer interactions operational improvements insurers’ innovation Applications from startups focused on Operational improvement continues to agenda front-end interactions have dramatically be a key area Innovation moves from Proof of Concepts fallen towards scale The pressure within insurance to keep costs low In 2016, 36% of applicants were solely about improving fuels the large proportion of startups with a focus InsurTech has brought an influx of technology customer interactions and relationships. In 2018, this on improving the operational efficiency of startups. talent into the industry. This new talent has has fallen to just 5%. This is not to say that insurers Insurers are becoming more open to work with brought a change in culture, whilst innovation in are have stopped caring about the customer. Insurers startups supporting efficiency insurance is moving from watch and learn, towards are looking for meaningful ways to improve the executing proof of concepts and scaling them in experience of their customers, often through omni- the business. channel approaches. 7 8 23% of startup Disruption will come from applications had female scale-ups working with founders/co-founders reinsurers Gender diversity has improved but has Tech giants are not the only competition a long way to go As well as competition from tech giants, mature startups Startups with female founders/co-founders has with specialisms in different parts of the value chain risen from 16% in 2017 to 23% in 2018. However, have the potential to come together to launch their own application data shows that men are five times greenfield venture. In this scenario, we expect these more likely to hold a Chief Technology Officer scale-ups to work directly with first mover reinsurers to position, whilst women are twice as likely to be provide capacity. This could cut insurers and slow moving Chief Marketing Officers. reinsurers out of the mix.’