Artificial Intelligence and Internet of Things Attract Almost Half of InsurTech Funding Globally in 2016, According to Accenture Research

The research, which includes new analysis of CB Insights data on 450 insurtech deals over the last three years, appears in a new Accenture report titled "The Rise of InsurTech." The report was released today in conjunction with Accenture's Fintech Innovation Lab in London, which for the first time includes a dedicated insurtech stream comprising leading industry startups. According to the report, the combined number of deals across AI (including automation) and the IoT (including connected insurance) increased 79 percent in 2016. Even though the two technologies represented only one-quarter (24 percent) of the 216 insurtech deals globally last year, they accounted for 44 percent or US$711 million of total insurtech investment – compared with just 10 percent of global insurtech investment in 2015. "We've seen a rapid acceleration of investment into and deal activity around intelligent automation and IoT start-ups over the last 12 months," said Roy Jubraj, a co-author of the report and Accenture's Digital & Innovation lead in the company's Financial Services practice in the U.K. and Ireland.