Florian Graillot
July 17, 2023
"What are you currently excited about in insurtech?" That's a question I often receive from incumbents and investors in the market. It's understandable, given the current quiet state of the VC market across industries. (…) There is much to be learned from what is still thriving in this ecosystem and what is being built for the future of insurance innovation.
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Pretty much everyone in tech agrees that generative AI, Large Language Models and ChatGPT are a generational change in what we can do with software, and in what we can automate with software. There isn’t much agreement on anything else about LLMs - indeed, we’re still working out what the arguments are - but everyone agrees there’s a lot more automation coming, and entirely new kinds of automation. Automation means jobs, and people.
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The era of hyper-personalization has hit financial services in a huge way. Last year, 18% of investment in fintech went into personalized financial management (…) Clearly, the secret is out: In use cases across financial services, deep learning recommender systems deliver a superior, one-to-one experience tailored to every customer’s specific needs and behavior — which ultimately helps financial institutions and fintechs win market share by acquiring customers more effectively while boosting loyalty and retention.
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