The world’s largest underwriters pursue tech acquisitions, investments, and partnerships as diverse as the risks they insure.
These tech moves reveal shared strategic themes across the industry.
Cyber risk — which primarily covers cyber capabilities related to insurance coverage, as well as tools for internal cybersecurity operations — is the top tech priority among leading insurers like AXA and Allianz in our analysis.
Cyber risk deals and partnerships are providing insurers with new capabilities to drive measurable growth. For instance, Travelers detailed on its Q1’24 earnings call that it “grew new business by 34% from the prior year quarter to a record $91M” due to its Q4’23 acquisition of Corvus Insurance, a cyber insurtech managing general agent (MGA).
So where else are leading property and casualty (P&C) insurers placing their tech bets for the future?
In this report, we analyzed CB Insights acquisition, investment, and partnership data for 15 P&C insurance leaders. We then organized that activity over the past 3 years across 7 tech priorities.
