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January 5, 2018[1]  &nbsp &nbspBy : Matteo Carbone

I love insurance, and I have dedicated my career to the innovation introduced by InsurTech. The year 2017 has been a year full of InsurTech discussions for me: [2]

  • I took 187 flights to discuss InsurTech in 35 cities in 15 different countries, a unique opportunity to shape my ideas from different perspectives.
  • I give InsurTech keynotes and discussed on the stage at 40 conferences.
  • I did my first InsurTech investment.
  • My two insurance think tanks focused on insurance IoT aggregated more than 50 organizations (insurers, reinsurers, institutions, and tech players) between Europe and US with hundreds of executives involved in more than 100 workshops (almost 350 hours).
  • In the last months of 2017, I wrote – together with my friend Andrea Silvello – my first InsurTech book [4]All the Insurance Players Will Be InsurTech”[3] and it was published in the first days of 2018.

I put together in the book: all the foundations of my InsurTech thoughts; the elaboration of many discussions I had since I published my article “Will FinTech Newcomers Disrupt Health and Home Insurance?” on August 2015; some typos (in the last chapter, there is a “million” where a “billion” was needed but you will find some others); and a review of my five InsurTech predictions made during Christmas 2017.

5 InsurTech predictions for 2018 and beyond

Exit

Prediction: Not everyone will prosper. Although many amazing InsurTech companies are seeing great results and scaling up – and many will continue to enter the field – some will surely leave the game, as well. [5]

Result: I was dreaming of an InsurTech unicorn’s exit. Well, dreams become reality sometimes: Zong An – the Chinese full stack InsurTech – made its IPO with a $10-billion valuation in fall 2017. Also, Travelers acquired Symply Business for $400 million. On the other hand, Guevara left the game in the second half of the year. This winnowing down, a Darwinian “survival of the fittest,” should ultimately strengthen our industry.

Reconversion

Prediction: This is the other side of the moon. I saw many initiatives doing a great job putting together a fantastic team and a sexy equity story; some raised relevant capital but their business models look (to me) not sustainable from an insurance perspective. I don’t want to claim that none of them could succeed – history has already shown how skepticism can be wrong. But I’m expecting to see some of those players use their great skills and the funding raised to change radically their business models.[6]

Result: In spring 2017, Trov did a round of financing of more of $40 million with a valuation higher than $300 million, but from what we heard

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