Market Trends of Europe Online Insurance Industry
This section covers the major market trends shaping the Europe Online Insurance Market according to our research experts:
Covid-19 accelerated the Digital insurance
During the COVID-19 crisis, In Insurance sector, chat and videoconference replaced some of the traditional face-to-face interactions between clients and their intermediaries. And, while personal contact remains important.
While only 22% of Belgian brokerage offices is leveraging software or InsurTech applications to work more efficiently, a growing number of comparison websites is helping brokers develop an offering that better matches client needs.
Brokerage firms are becoming increasingly paperless, with two-thirds of them claiming to have already reached this goal.
Rising Numbers of Insurtech Funding
In 2021, European insurtech funding reached an all-time high, with around EUR 2.5 billion invested through 92 deals.
The ecosystem is maturing so that the average deal size jumped from ~EUR 8 million in 2020 to EUR 28 million in 2021 That's also related to mega-rounds (tickets over EUR 100 million) announced across Europe. Most of them were disclosed in the first half of the year: Zego and BoughtByMany in the UK, Wefox in Germany, and Alan and Shift Technology in France. Only one happened in H2 2021: EnvelopRisk in the UK.
