Issue 12 | January 2021

News in numbers

Verdict InsurTech gathers the most important industry news in recent times, including some startling figures

Income protection market looks set for a positive year as COVID-19 sparks interest

The COVID-19 pandemic has led many consumers to reassess their financial situation. In some cases, vulnerabilities have been spotted, causing them to seek out the relevant protection insurance

UK insurtechs need to build awareness of their products among consumers

While insurtechs generally offer more innovative insurance products than incumbents, capturing customers from existing players is always difficult. 

Low home insurance uptake among renters leaves them vulnerable to unexpected costs

The English private rented sector has doubled in size since the early 2000s, according to the English Housing Survey, accounting for 19% of households in 2019–20. But renters are much less likely to purchase home insurance

Digital payment platforms offer insurers the potential to reach a large customer base effortlessly

With the advent of digitisation, customers are increasingly seeking to purchase insurance directly, bypassing intermediaries. 

Life and health products will benefit most from COVID-19

The life and health insurance markets will see the most positive impact from the COVID-19 pandemic, according to a GlobalData poll. 

Insurance and insurtech in 2021: full steam ahead?

2020 was a year dominated by a global pandemic. While it has not left the news, particularly in places such as the UK, insurance has much to gain.