InsurTech weekly - Insurance is well positioned to benefit from AI-powered effectiveness according to Moody's

Ops effectiveness: Moody’s expect insurance to benefit a lot from the AI boom - Lessons learned from FinTech in India -The state of European Tech

1️⃣ Ops effectiveness: Moody’s expect insurance to benefit a lot from the AI boom

The insurance industry’s widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody’s Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which could benefit insurers’ credit quality.

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2️⃣ Lessons learned from FinTech in India

The Indian FinTech ecosystem's growth has accelerated significantly over the past five years with o FinTech financing volumes in the country increasing from under $2 billion in 2018 to over $8 billion in a 2021, before a sight pullback in 2022 due to global market cotons The acceleration was driven by a number of factors including macroeconomic and demographic tailwinds, growth in contactless payments as a result of the COVID-19 pandemic, and several government initiatives aiming to reduce the Indian economy's reliance on cash

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3️⃣ The state of European tech

Venture capital investment into Europe’s tech industry plunged by half in 2023 as investors continued to reel from the effects of high interest rates, according to data from venture capital firm Atomico. However, artificial intelligence was a standout category that saw continued mega funding rounds. Atomico’s “State of European Tech” report, published Tuesday, showed that overall funding for European venture-backed companies is projected to decline 45% in 2023 from a year ago.