Insurtech Funding Reaches All-Time High of $4.8B According to Quarterly Insurtech Briefing from Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company that assists customers across the globe with turning risk into “a path for growth,” has  published its latest Quarterly InsurTech Briefing (Q2), which notably marks the second installation of the 2021 series, “themed the future of distribution and delivery.”

The funding total for this quarter “reached an all-time high at US$4.8 billion,” Andrew Johnston from InsurTech Willis Re confirmed.

As noted by Andrew:

“With roots dating to 1828, Willis Towers Watson has more than 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.”

As stated in the report:

“From a product, service, distribution and underlying risk perspective, we — as a society and as an industry — are moving at an unprecedented speed to match expectations with reality, largely powered by harnessed appropriate technology and digital strategy.”

The report also noted that as our lives are changing at a “micro level,” a collective society at a “macro level” demands or requires an insurance community “to support its changing behavior.”

With so much retail choice, those (re)insurance providers that “fail to respond to the changes that the back-to-the-future model are creating will fall away over time,” the report added while noting that we have a great opportunity ahead “to rid ourselves of obsolete legacy and redefine what it means to serve and be served in the contemporary shared risk pool that is technologically enabled (re)insurance.”

The report further revealed:

“Globally, markets are shifting; the investment landscape is moving to a more conservative stance, and ‘tech’ firms that are financial services-focused are increasingly playing in very volatile markets. Furthermore, in a very real sense, the (re)insurance markets are hardening.”

The future of the global economy “remains uncertain, as the pandemic, climate change, increased catastrophic events and other systemic events that continue against the backdrop of these volatile markets,” the report noted while pointing out that these events have begun “to force the (re) insurance market away from over a decade of “soft”(er) conditions to a situation that will be a lot less forgiving for new risk-originating entrants (technologically enabled or not).”

You may check out the full report here.

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