The European startup scene is crowded with FinTech startups but the vast majority is focusing on payments, savings, lending or PSD2 related opportunities. A lot fewer startups are aiming to disrupt insurance related services, even though the insurance industry is equally ripe for digital disruption as the banking industry.
Our observation is based on our own deal-flow (OpenOcean logs about 2000 European deals annually) and on VC deal statistics (e.g. obtainable from Pitchbook). The low volume of InsurTech startups is also something FinTech oriented VCs quite often talk about.
Now, before you flood us with “Wait, haven’t you noticed this and that startup?” I will just say yes, there are a number of good and successful InsurTech startups out there. The point here is that the number is much lower than you’d expect, given the magnitude of the opportunity at hand.
You can read the rest of this blog post from blog.openocean.vc where it was originally posted.