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- Business Insider asked some of Europe's top venture capitalists to select insurtech startups to watch out for in 2020.
- Insurtech is a growing part of the financial services market as new companies look to disrupt the unwieldy and complicated world of insurance.
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It's one of the world's oldest industries and yet insurance is only now beginning to see the kind of innovation and disruption that becoming commonplace in other sectors.
Insurance tech, or insurtech, is part of Europe's hottest startup sector, fintech, with companies in the wider market raising more than $9 billion in venture capital in 2019, according to figures from venture capital firm Atomico.
Ruth Foxe Blader, partner at Anthemis said: "We define 'insurtech' broadly to cover any technology company that could impact insurance or risk management. Our thesis is that finance is, through technology, becoming embedded in other industries."
Insurance as a sector can cover everything from brokerage, re-insurance, home, health, life, car, and the list goes on. Challengers hope to disrupt the market by using tech and data, including AI, machine learning, and the internet of things, to make services more efficient versus incumbents.
We asked investors with a particular interest in European tech to pick out the insurtech firms that they think will have a significant 2020.