Over the past year, insurtech matured significantly as a sector, with insurtech companies attracting larger and larger funding rounds globally. On a global level, there were 13 insurtech deals over $100 million during 2018, including a $375 million raised by Oscar Health Insurance in the US and $200 million raised by PolicyBazaar in India.
Insurtech solutions expanded rapidly over 2018, although claims management and the unbundling of insurances services and processes continued to be key segments of investment. The focus of many insurtechs also shifted to platform-based models, with companies looking for ways to plug into different distribution networks or payments systems, work with different insurers, or offer white-label products and services. Traditional insurers have generally embraced this platform-model — seeing it as one way to embrace innovation across their value chain without developing solutions independently.