全球保险科技报告：AI在四大保险业务线中的作用

The role of AI in the four largestinsurance businesslinesQ1 — Auto/Motor This report is a collaborationbetween Gallagher Re,Gallagher and CB Insights. Contents I N S I D ET H I S E D I T I O N . . . InsurTech Team CornerFreddie Scarratt, Gallagher Re24. 4. Introduction InsurTechCase Studies Q1 InsurTechinvestment datahighlights andforeword •Zego•Nirvana•EIS•Reserv 44. 40. Deal of the QuarterHDVI •Peter Graham,Markerstudy InsuranceServices Limited•Hayley Budd,Apollo Underwriting The Future of AIin Auto InsuranceInaza62. 66. The DataCenterThis quarter’sdata highlights Introduction Q1 InsurTechinvestment datahighlights andforeword DR. ANDREW JOHNSTONGlobal Head of InsurTech, Gallagher Re, Global InsurTech Report Editor This report is the first of our 2025 series, which will continue our look athow the (re)insurance industry is implementing AI solutions. This year, wewill sharpen our commercial focus, by looking at AI solutions tailored tothe four largest insurance business lines (by gross written premium). In each report we will take a look at the most appropriate AI tools for deployment in each area. This first edition of 2025 will focus onthe world ofautoormotor insurance1. Subsequent reports will focus on property insurance; commercial lines; and finally, life and health. Introduction But first, and as usual, we will briefly recap our observations onInsurTech funding activity in 2024. In short, the year’s fundraisingflows had something of the character of Dr. Jekyll and Mr. Hyde.The year was split in two, with H1 presenting itself as a maturingand stable environment, suitable to nurture long-term growth.H2, however, was an incredibly erratic and volatile six months,with extreme highs and lows. As a year, 2024 was a reminder that although we are over a decadeinto the InsurTech funding journey, in some ways it can still act likea young market. In particular quarters, a small number of fundingdeals can still have a seismic impact on overall numbers. In 2024, the number of investors making only one investmentwithin a set period dropped to its lowest levels since 2015.Instead, the funding landscape was dominated by moreexperienced, specialized investors and (re)insurer CVCs. Q1 saw a strong start with USD913M in funding, 25% of whichwent to early-stage companies. Notably, (re)insurers played a keyrole in supporting these early-stage investments, indicating theirconfidence in tech’s potential for business transformation is stillstrong. While there were no mega-rounds, transaction volumeremained high. As a result, average deal sizes were lower than inprevious periods, with a considerable number of raises clusteringaround the mean. Both in relative and absolute terms, 2024 marked a high pointfor (re)insurer investment activity, with 150 deals completed.For context, even when total funding was four times higher in 2021,(re)insurers participated in only 107 deals. This trend highlights agrowing commitment from those who stand to benefit most fromthe technology itself. They are demonstrating a willingness toback innovation with capital over the long term, and their focus onearly-stage investments is particularly encouraging. Despite theturbulence of H2, they largely held steady. Q2 experienced an uptick in funding, reaching USD1.3B. Despiteonly one mega-round, early-stage investments remained popular.This led to a continued trend of deals occurring near the trueaverage, with 40% of all transactions in H1 2024 falling withinUSD10M of the mean. 2025 has already got off to a fascinating start, with manycommentators talking about an ‘InsurTech spring’ amid a flurryof notable deal activity. Not least, Munich Re’s acquisition of NextInsurance at a USD2.6B valuation in March has certainly caught theattention of our industry. The acquisition brings Munich Re’s directinsurance arm ERGO to the US market. The German reinsurancegiant has a long-standing relationship with Next Insurance, andMunich Re Ventures is a repeat investor in the InsurTech firm,having led its Series A round in 2017. H2 was a completely different story. Five mega-round dealsaccounted for 55% of Q3’s funding, which in total came toUSD1.4B. A whopping 63% of all funding went into InsurTechsfocused on AI (compared with approximately 30% in H1). (Re)insurer investment activity also pivoted from supporting mainlyearly-stage funding opportunities, to considering mid and laterround funding too. Also in March, Guidewire acquired Quantee, a Polish InsurTechoffering dynamic pricing software for the (re)insurance industry.Guidewire is clearly expanding its AI and automation offering,adding Quantee to a growing list of acquisitions it is making in thisarea. Agency alliance SIAA announced the acquisition of DONNA®.ai, formerly Aureus Analytics. DONNA®.ai has built a “cutting-edge” data and analytics platform for retail agencies, networks,aggregators and carriers. Also of note was Vouch’s acquisition ofStartSure, expanding its capabilities t