FinTech Magazine - July 2022 | Page 40

NTT DATA

denominated as Tech Giants , funded almost $ 460B . This latter ’ s overall investment in Insurtechs registers around $ 3B between 2020 and 2021 , positioning themselves as the third most important group of investors in Insurtechs , increasingly closing the gap with insurance companies .

Tech Giant ’ s Logics : Distribution and SMEs as Top Priorities for Investing , but Also Partnering with Insurtechs The impact of Tech Giants in Insurancerelated startups is low when compared to Non Insurance-related startups . However , it is a comparatively large portion of the total investments received by Insurance-related startups . By these latter , NTT DATA includes businesses linked to the Automotive , Healthcare , Financial Services , Home and Cybersecurity markets , given that 18 % of Tech Giant ’ s total investment is allocated in these sectors .

Tech Giants also proved to have a potential role as providers of Insurtech ' s needs in terms of Big Data analytics , Cloud services , Analytics , SaaS or AI computing platforms . In this regard , Tech Giants are seeking monetisation of their own technologies by investing in or partnering with startups . Furthermore , they are complementing their technologies , products and services ecosystems and enhancing their innovation power by absorbing more startups into their Ecosystems .

The Case of Tesla Tesla ’ s case is significantly highlighted for NTT DATA , as their approach to the Insurance industry strongly resembles that of a traditional insurance company . Tesla has launched an Insurance policy in Europe , along with Insurtech Qover as enabler , and Helvetia as subscriber-insurer , in addition to Van Ameyde as claims and mechanic ’ s shop provider .

According to NTT DATA ’ s vision and interpretation of their data analyses , Tech Giants are closing the gap with Insurers for the leadership of the industry . However , they stress the fact that Tech Giants do not

40 July 2022