Cologne, 04.09.2018 - Under the title "Short history, thriving present - bright future?" the InsurLab Germany and EY publish a first joint report on developments, trends and successes within the German InsurTech ecosystem. The study is the first in a series of publications that Germany's largest platform for networking start-ups and insurance companies with the management consultancy EY will implement. The industry initiative InsurLab Germany now has 61 companies among its members.
The English-language study serves as a prelude to an annual series of reports. It is based on a strict definition of the term InsurTech in order to deliberately focus on start-ups whose business model is directly geared to central functions in the insurance value chain. InsurLab Germany and EY identified a total of 59 startups from five different business model segments that meet these strict selection criteria. As the report shows, InsurTech's sales-related solutions currently dominate the market. However, trends indicate that technology-centric middle- and back-office solutions and the development of digital ecosystems will increasingly influence the insurance industry in the future.
The report by InsurLab Germany and EY also deals intensively with the further development of existing business models, the attractiveness of German start-ups on the investment market and the expansion of the German InsurTech ecosystem. The complete study is available at www.insurlab-germany.com. Following further developments in the InsurTech market, future studies in changing thematic areas will also deepen aspects of, for example, sensor technology or artificial intelligence.
"We are very pleased to share our first InsurTech report with the public. One of our tasks as InsurTech Hub is to observe market trends and communicate them as clearly as possible to the individual actors in the ecosystem - especially, of course, to our member companies. The report is a great tool to do justice to this task," says Sebastian Pitzler, Managing Director of InsurLab Germany.
Christopher Schmitz, Partner & German FinTech Lead at EY adds: "We have been with the InsurTech scene in Germany right from the start and are excited to see the positive impact initiatives like InsurLab Germany have on the dynamics within our national ecosystem. As a member of InsurLab Germany, it was important to us to analyse the InsurTech scene together with the team of the initiative and to work on the findings for the association and the interested public.
InsurLab Germany now has 61 member companies
The interest in the membership in InsurLab Germany does not diminish. A total of 30 insurance companies, 31 InsurTechs, technology providers, consultants, universities and colleges are now part of the initiative. Only recently, in cooperation with msg systems AG, the PrismaLife AG and the five InsurTech startups Enrion, enzuranz, freeyou, Tech11 and ubirch welcomed seven new member companies to InsurLab Germany. Previously, the insurer helvetia and the two Cologne startups mailo and PBM - Personal Business Machine joined the initiative.
About InsurLab Germany
InsurLab Germany is a platform for networking insurance companies and start-ups that develop digital products and services for the insurance industry. The industry initiative was founded in 2017 by the City of Cologne, the Cologne Chamber of Commerce, the University of Cologne, the Cologne Technical University, established insurance companies and InsurTech startups.
The aim of InsurLab Germany is to provide insurance companies with easy, direct access to national and international startups and to actively support them in planning and implementing joint projects in order to transform and digitise the German insurance industry in the long term.
As one of twelve hubs in Germany, InsurLab Germany is part of the digital hub initiative "de:hub" set up by the Federal Ministry of Economics and Energy and the official competence location for the InsurTech scene in Germany.
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About the EY Financial Services Practice
EY is an international market leader in auditing, tax, transaction, risk and management consulting. More than 35,000 employees worldwide work for EY's Financial Services Practice - primarily in the Wealth & Asset Management, Banking & Capital Markets and Insurance sectors.
EY is Gold Partner of TechQuartier in Frankfurt and a member of InsurLab Germany. EY has made it its mission to support the ecosystem for young start-ups in Germany on a sustainable basis. EY is the initiator of the "EY-Start-up-Academy". Together with Deutsche Börse and TechQuartier, Germany's best FinTech and technology start-ups are being sought for the second time. During the eight-week Academy (26 September to 22 November 2018) the newcomer companies will learn with and from numerous mentors from the EY environment, banks and companies, FinTech experts and start-up sponsors as well as investors and financing partners to further develop their ideas. Further information can be found on the website www.Start-up-Initiative.ey.com/Academy
Kerstin Gauf (EY)
Media Relations and Communications
Financial Services Germany
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