InsurTech weekly: Wefox's KPI are out

1️⃣ Major trends at work in the US health insurance market

McKinsey has collected and analyzed data from every health insurance exchange in the country across the 33 marketplaces on the federal platform and the 18 state-based marketplaces at the county level (see sidebar, “Methodology”). This document includes several insights into the individual market for 2023 that are relevant to stakeholders, including insurers, providers, private equity firms, policy analysts, and consumers.

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2️⃣ The state of the Cloud industry

On one side of the cloud economy, founders and CEOs are weathering some of the most challenging storms since 2000 and the ‘08 Recession. Rising interest rates have evaporated the cheap equity of recent years forcing startups to reduce burn and drive towards efficient growth. The Silicon Valley Bank crisis drove even more uncertainty into an already fragile environment. But amidst the anxiety and turmoil, the tech ecosystem has witnessed something potentially as world-changing as electricity: a string of AI advancements that may prove to define technology and society for generations to come.

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3️⃣ The ecosystem opportunity in Financial Services

The next few years could be a make-or-break period for some banks. They will join the digital financial ecosystem movement—or be consumed by it. These platform-based ecosystems offer products and services that are created and distributed in partnership with others. And they confer powerful advantages, allowing organizations to enter new markets, create new services, and acquire new customers faster and more affordably than with traditional product development and go-to-market models. By 2030, digital ecosystems could account for a significant share of the banking revenue pool.

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🤖 How chatGPT is gaining momentum

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📊 Wefox release figures on its activity last year:

WeFox is a digital insurance platform that aims to make insurance simple and transparent. They offer a range of insurance products, including health, home, liability, and motor insurance, that can be purchased online or through their app. WeFox also provides a digital insurance assistant that can help customers with claims and policy management. The company operates in several European countries and partners with insurance companies to provide coverage to its customers. WeFox's goal is to use technology to improve the insurance industry and provide customers with a better insurance experience.

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