Under the title "Short history, thriving present - bright future?" InsurLab Germany and EY publish a first joint report around the 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 startups and insurance companies will implement with management consultants EY. The industry initiative InsurLab Germany now counts 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 those startups that have aligned their business model directly with central functions of 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, InsurTechs with solutions centered around sales currently dominate the market. However, trends indicate that in the future, technology-centric middle and back office solutions as well as the development of digital ecosystems will increasingly influence the insurance industry.
The report by InsurLab Germany and EY also takes an in-depth look at the further development of existing business models, the attractiveness of German startups on the investment market, and the expansion of the German InsurTech ecosystem. The entire study is available at insurlab-germany.com. In line with further developments in the InsurTech market, future studies will also focus on aspects such as sensor technology or artificial intelligence.
"Now that our members have had access to our first InsurTech Report for four weeks, we are very pleased to share it with the public. One of our tasks as InsurTech Hub is to monitor market trends and communicate them as clearly as possible to the individual players in the ecosystem - especially, of course, to our member companies. The report is a great tool to fulfill this task," says Sebastian Pitzler, Managing Director of InsurLab Germany.
Christopher Schmitz, Partner & German FinTech Lead at EY adds: "We have been following the InsurTech scene in Germany from the very beginning 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 for us to analyze the InsurTech scene together with the initiative's team and to process the insights gained for the association as well as the interested public."
InsurLab Germany now has 61 member companies
Interest in membership in InsurLab Germany is not waning. A total of 30 insurance companies and 31 InsurTechs, technology providers, consultancies, universities and colleges are now part of the initiative. Just recently, msg systems AG, 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-based startups mailo and PBM - Personal Business Machine also joined the initiative.
About InsurLab Germany
InsurLab Germany is a platform for networking insurance companies and startups 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 and Industry, the University of Cologne, the Cologne University of Technology, as well as established insurance companies and InsurTech startups.
The goal 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 to sustainably transform and digitize the German insurance industry.
As one of twelve hubs in Germany, InsurLab Germany is part of the digital hub initiative "de:hub" set up by the Federal Ministry for Economic Affairs and Energy and is the official competence center for the InsurTech scene in Germany.
Press contact
Bianca Finkel
InsurLab Germany
Specialist for Marketing, Communication & Events
Schanzenstr. 6-20, 51063 Cologne, Germany
About the EY Financial Services Practice
EY is an international market leader in audit, tax, transaction advisory, and risk and management consulting. EY's Financial Services practice employs more than 35,000 people worldwide, primarily in the Wealth & Asset Management, Banking & Capital Markets and Insurance sectors.
EY is a Gold Partner of the TechQuartier in Frankfurt and a member of InsurLab Germany. EY has made it its mission to sustainably support the ecosystem for young start-ups in Germany. For example, EY is the initiator of the "EY Start-up Academy". Together with the German Stock Exchange and the TechQuartier Germany's best FinTech and technology start-ups will be sought for the second time. During the eight-week Academy (September 26 to November 22, 2018), the newcomer companies will learn with and from numerous mentors from the EY environment, banks and companies, FinTech experts and start-up promoters, as well as investors and financing partners, in order to further develop their ideas. For more information, visit www.Start-up-Initiative.ey.com/Academy.
Press contact
Kerstin Gauf (EY)
Media Relations and Communications
Financial Services Germany
E: kerstin.gauf@de.ey.com
T.: +49 6196 996 24798
