ICMIF Supporting Member Gallagher Re has published the last of its 2024 series of Global InsurTech reports. This year’s series of reports has examined the role of artificial intelligence (AI) in the reinsurance industry, breaking down the function and processes of AI into their relevant parts within the reinsurance value chain.
The final report in the series examines ‘claims’, a process which begins with the first notice of loss, through validation, adjustments, approval, and then all the way to settlement and the transfer of funds to the customer. It is here, Gallagher Re says, that insurers fulfil their obligation to their clients in the event of an actual loss and given how fundamental claims are to the industry, this is an area where a (re)insurer can really demonstrate their worth.
According to the report, getting the claims and settlement processes right can maximise the investments that (re)insurers are making elsewhere and create best-in-class customer engagement experiences. The benefits of this are not only felt externally, either; the pricing and underwriting process can also benefit from a clear and comprehensive view of claim and loss data, for example, to aid with capital allocation and forecasting.
As per previous reports, this edition also spotlights key InsurTech companies, engage with industry thought leaders, and provide detailed insights into the latest InsurTech investment trends.
Key findings for Q4
- Global InsurTech funding dropped 5.6% YoY, from USD 4.51 billion in 2023 to USD 4.25 billion in 2024
- Early-stage funding and average deal sizes were bright spots for 2024
- Global InsurTech funding halved quarter on quarter, from USD 1.38 billion in Q3’24 to USD 688.24 million in Q4 2024
- AI centred InsurTechs accounted for 42.3% of deals in Q4’24
- Half of Q4’24 InsurTech deals involved InsurTechs with a focus on claims
View/download the Q4 report here.
All Gallagher Re’s insurtech news and insights can be found here.
