InsurTech weekly: Agents & Brokers Opportunities For InsurTech Startups

1️⃣ InsurTech innovation for agents & brokers

Oliver Wyman’s analysis suggests that a handful of insurance brokers — such as the Top 4 Global Insurance Brokers (Marsh, Aon plc, Willis Towers Watson and Arthur J Gallagher & Co.) and, highly acquisitive sponsor-backed insurance brokers (for example, Hub, USI, Acrisure) — have experienced significantly higher premium and revenue growth, while many others in the long-tail struggle to remain competitive without the same scale benefits.

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2️⃣ A look at the Generative AI value chain

Over the course of 2022 and early 2023, tech innovators unleashed generative AI en masse, dazzling business leaders, investors, and society at large with the technology’s ability to create entirely new and seemingly human-made text and images. The response was unprecedented. In just five days, one million users flocked to ChatGPT, OpenAI’s generative AI language model that creates original content in response to user prompts. It took Apple more than two months to reach the same level of adoption for its iPhone. Facebook had to wait ten months and Netflix more than three years to build the same user base.

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3️⃣ What to learn from FinTech in MENA

Growth in the fintech sector of the Middle East, North Africa, and Pakistan (MENAP) has been robust in recent years, with investor backing increasing by approximately 36 percent annually from 2017 to 2022. While 2022 brought a sharp drop in valuations and changed market dynamics across the global tech sector, many local fintechs continue to broaden their footprint across MENAP and beyond, albeit with a emphasis on profitability, the new imperative for start-ups.