If 2021 was supposed to usher in the revolution in InsurTech, it created an equal amount of confusion and confidence.
Executive SummaryWas the InsurTech revolution more of a whimper than a bang? Accelerant's CEO Jeff Radke unpacks some of InsurTech's successes and challenges over the past couple of years. He discusses the evolution of InsurTech 1.0, 2.0, and now 3.0, and highlights what he believes is to come for the future of the industry.
On one hand, InsurTech companies enjoyed record fundraising in terms of both deals and dollars. However, the value of many public companies fell significantly. Valuations do not determine impact, but was the revolution more of a whimper than a bang?
InsurTech companies have been among the biggest victims of the public market sell-off, especially those that went public in 2021. Notably, Metromile saw its valuation decline over 85% and was subsequently acquired by peer Lemonade.