Oxbow Partners publishes ‘Tip of the Iceberg’ report

     

 

On 8th January 2020, Oxbow Partners has published ‘The Tip of the Iceberg: InsurTech Activity in life and health insurance, pensions and investments’. The report shines a light on recent activity and emerging trends in the life, health, pensions and investment sectors (‘LHPI’) and is sponsored by RGAX.

The report makes two major observations about LHPI InsurTech.

The first is that activity varies significantly across the sector. Technology-led change has already changed some parts of the market, like robo-advisory in investments. Other parts of the market have, on the other hand, barely been touched.

This disparity can clearly be seen in levels of InsurTech investment across LHPI.  Several health InsurTechs raised more than $100m between 2018 and 2019, including one at $500m. Life, pensions and investments propositions were severely lagging – the largest raised by a LPI proposition was $90 million. *

LHPI Graph from InsurTech Report
Source: Willis Towers Watson Quarterly InsurTech reports

Greg Brown, Partner at Oxbow Partners said “The diversity in InsurTech activity is clearly in part driven by the diversity across LHPI itself. As investment and activity grows we see this diversity levelling out. This report comes at a pivotal point in the life of InsurTech in LHPI. We’re looking forward to see its evolution over the next few years.

The second observation is that LHPI InsurTech is quickly becoming more prominent. An example is Prudential Financial’s 2019 acquisition of Assurance IQ, a life InsurTech founded in 2016, for $2.3 billion.


*It should be noted that our analysis is restricted to Willis Towers Watson’s data and therefore covers only firms categorised as InsurTechs. Our analysis noes not, therefore, cover funding rounds of FinTech firms active in the investment space but not targeting insurance-wrapped products.

Jonathan Hughes, Managing Director at RGAX EMEA, said “A lot of the innovation in Life & Health has been occurring behind closed doors, but as these efforts mature and gain traction they’re becoming more visible, beyond just those people directly involved.  That’s why we’re excited to sponsor this report, which takes the story of various exciting LHPI InsurTech businesses to the wider world.”

The companies profiled in the report are split between life and health and pensions and investment propositions. They include:

Life and health
  • Understanding customers better: Lapetus solutions, 100Plus, inforcehub, Atidot
  • Tailored D2C propositions: ottonova, Anorak, Getsurance, Direct Life
  • Finding new niches: Sherpa, equipsme, Inclusivity Solutions, Kraydel
  • Health telematics and wellness: Quealth, dacadoo, yulife, CXA Group, Thrive
  • Supporting incumbent operations: UnderwriteMe, INSTANDA
Pensions and investments
  • Financial literacy and later life planning: Society of Grownups, Everplans, SafeBeyond
  • Financial wellness: Salary Finance, Wealth Wizards
  • Enabling sales: Blueprint Income, Pension Playpen, Age Wage, Smart Pension, Finabro, ETFmatic, Hatch AI
  • Democratizing advice / guidance: Scalable Capital, Blooom, Plum, Multiply

NOTES TO EDITORS

Oxbow Partners is a management consultancy exclusively serving the insurance industry.

Our consulting business advises insurers, brokers, technology vendors and private equity on growth, operations and technology topics across general insurance, life insurance and pensions. Our Agile Strategy™ approach, sector specialism and commercially-aware teams allow us to deliver projects faster than traditional consultancies.

Our insights business provides actionable market intelligence and technology research to insurers, brokers and other market participants. Our flagship products are UK market intelligence and our Magellan vendor platform.

Our Chairman is Stuart Davies, former Group CEO at Sompo Canopius.

In 2018 we were ranked one of the top 10 management consultancies in the UK for insurance in a Financial Times study.


RGAX is a wholly owned subsidiary of Reinsurance Group of America (RGA) and leverages the talent, resources, and insight of RGA’s 40+ years of innovation. As a global company with offices in the Americas, EMEA and Asia, RGAX partners with carriers and entrepreneurs to incubate and accelerate new products and services to advance and expand the life insurance ecosystem.

 

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