AI and IoT Driving InsurTech Investment Boom: Accenture - Which-50

Artificial Intelligence (AI) and the Internet of Things (IoT) are dominating insurtech start-up spending according to a report from research firm Accenture. The report, titled "The Rise of InsurTech", said AI and IoT now account for almost half of total investment in insurance technology (insurtech) startups globally. "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 co-author of the report and Accenture's digital & innovation lead in the company's financial services practice in the UK and Ireland, Roy Jubraj. The research, which includes new analysis of CB Insights data on 450 insurtech deals over the last three years, found deals based on AI and IoT rose by 79 per cent last year. Even though the two technologies represented only one-quarter (24 per cent) of the 216 insurtech deals globally last year, they accounted for 44 per cent or US$711 million of total insurtech investment – compared with just 10 per cent of global insurtech investment in 2015.