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InsurTech weekly - ClimateTech coming to the rescue of insurers?

Challenges & Opportunities still to tackle in insurance - Google’s recent announcements to boost its assistant with Generative AI

1️⃣ Challenges & Opportunities still to tackle in insurance

Change is accelerating all around us, possibly at a faster pace than in any period in history. Shifts in climate, technology, workforce, and customer/societal expectations combined with macroeconomic and geopolitical volatility are compelling enterprises across the globe to transform their tech infrastructure, products and services, business models, and organizational culture to adapt not just to fuel profitability but to remain relevant and survive. The insurance industry is no exception.

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2️⃣ Google’s recent announcements to boost its assistant with Generative AI

Google went big when it launched its generative AI fight-back against OpenAI's ChatGPT in May. The company added AI text-generation to its signature search engine, showed off an AI-customized version of the Android operating system, and offered up its own chatbot, Bard. But one Google product didn’t get a generative AI infusion: Google Assistant, the company’s answer to Siri and Alexa.

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3️⃣ The ClimateTech opportunity through insurers’ lens

The ClimateTech industry is set to grow threefold, reaching a market size of USD600bn by 2030. However, Europe’s position in this emerging market cannot be taken for granted – without further efforts, Europe is likely to lose the race against the US and China. The mismatch between reality and expectations is alarming. To reach its own climate targets, Europe needs to increase its annual investments in ClimateTech to the tune of EUR140bn in the public sector and EUR560bn in the private sector, compared to the last decade. The current investment gap in the European energy sector alone is as high as EUR200bn per year, with EUR40bn and EUR160bn of missing public and private funding, respectively.

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