UK insurtech investment up 2500% over 2016

New research from Accenture shows that £218 million has been invested in insurance technology startups in the first half of 2017 – up from £7.8 million the previous year. This represents an increase of over 2500% in year-over-year figures. Investment in insurance technology startups, or insurtech, have been bolstered by some recent, extremely large investments including the £180 million invested in Gryphon, an insurtech startup focused on critical illness and income protection. Just last week, Coya, a Berlin-based digital insurance provider founded in 2016 managed to raise $10 million (approx £7.7 million) from a variety of investors from Silicon Valley and Europe. Various new technologies are being applied to the insurance industry, which has historically been largely administrative and paper intensive.