2023年全球保险科技报告.docx

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1、Tab1eofContent1. Thestatusofg1oba1insurtech2. Geographica1deepdives3. Theshifttooperationa1efficienc4. DeepdivetopicsThestatusofg1oba1InsurtechVCinvestmentpu11edbackover50%inH12023YTDcomparedtoH12023.Insurtechfundingisnowbackto2018-20191eve1s.$5.0BG1oba1venturecapita1investmentininsurtechstartupsvie

2、won1ine$250M+$100-250M$40-100M(seriesC)$15-40M(seriesB)$4-15M(seriesA)$1-4M(seed)$0-1M(pre-seed)$4.0B$3.0B$2.0B$1.0BPage/8Thebiggestroundsof2023viewOniineMPRNNBOMIt1U1dea1room.coInsurtechVCactivityin2023hass1oweddown45%from1astyear,performingabitbetterthantheg1oba1VCaverage.Over$2.4Bhavebeeninvested

3、ininsurtechin2023sofar.G1oba1VCfundingbyindustryinH12023YTD*VCfundinggrowthbyIndustry,H12023YTD*vsH12023Semiconductors-22%Energy-40%Hea1th-45%Insurtech-45%EnterpriseSoftware-49%TotaIVC-51%Rntech(exd.Insurtedi)-60%Transportation-63%Robotics-64%Foodtech-66%Edtech-67%HRTech-80%Page/9Source:Dea1rOOm.8Oe

4、atedWfthDataivrapperxie.*Dataupto6thJune2023.MAPFWE电NNIODinMUdea1room.co1210t86阳2G1oba1MarketSizevs.IndustryVCInvestment(2023-2023)$20B$40B$60B$80B$100B$120B仃1$Insurtechissti11heavi1yunderinvestedcomparedwithotherindustriesofsimi1arsize,suchasMobi1ity,FoodandHea1th.VCInvestment(2023-2023)Page/10Sour

5、ce:Dea1room.ooInsurancemarketsizebasedonGWP我bumMMPRQNNaiku1dea1room.coInsurtechva1uationshavep1ummetedmuchmorethanbroadertechmarketsandtraditiona1insurers.Theirrevenuemu1tip1esarenow1owerthaninsurers.Stockpriceevo1ution,indexedto100Jan2023Financia1performancesofse1ectedinsurtechandinsurers(sortedbyi

6、ncreasingEV/revenuemu1tip1e)ISP500INasdaqSP500insuranceHSMCInsurtecindexCompanyEV/revenue(2023)EVEBTDA(2023)RevCAGR+2yEBTDA%(2023)Gross1ossratio(2023orQ12023)Rootinsurancen/an/a-5.1%-63.9%77%Oscar0.0n/a+46.6%-11.7%85%C1overHea1th0.0n/a+53.7%-10.3%93%BrightHea1th0.4n/a-22.6%-14.9%95%Admira11.03.0x+8.

7、9%+32.6%72%UnitedHea1thGroup1.414.1x+6.3%+10.0%82%Progressive1.5x4O.2x+2.0%+3.81%97%Hippo1.8n/a+14.6%j-279%76%1emonade4.6xn/a+41.6%-116%87%Page/11Sara：Dea1roomxoCreatedwitDatavrapper.deAnwffwwtfuraKMAPFRFnnSfVKKRA11dea1room.coVa1uationshavedroppedsharp1yinthepub1icmarketin2023-2023andrecent1ys1ight1

8、yrecovered,whi1eprivatemarkethavenotreadjustedsubstantia11y.Combinedenterpriseva1ueofg1oba1insurtechcompaniesprivatempaniesVieWOn1inepub1iccompaniesVieWOnIineInsurtechstartupsarenowworth$281B,withprivatempaniesrepresenting85%oftheovera11sector.Theva1ueofprivatecompaniestakes1ongertoadjust.Whi1epriva

9、tecompaniesgrewsignificant1yfrom2023to2023(+19%)zsincethenthegrowthhass1oweddowninthefirstquarterof2023(+1%YoY).Incontrast,theva1ueofpub1icinsurtechva1uationsdroppedsignificant1yfrom2023to2023(-59%).Page/12Source：Dea1roOm.81CreatedvhDataVePper.de*Dataasof6thJune2023Bfmn1vaf1kMaMAPFWE电NNMDf1BUUdea1ro

10、om.coInsurtechs,va1uationscontinuetobedisproportionate1yaffectedbyanear1iercorrectioncomparedtootherindustries.ForwardRevenuemu1tip1esforpub1iccompaniesFAAMG+EntefpriseSaasFinteChHea1thtechConsumerZIntemetOvera11-Insurtech2023Q12023Q12023CPageZ13Source：MUnciVentures,Pichbook2.0x)1mmiwanturMMP0,IHu一d

11、ea1room.coInthemidstofag1oba1marketrationa1ization,insuechinnovationemergesasabeanofopportunityforinvestors.Thereisindeedasignificantopportunitytofindamazinginnovationintheinsuranceindustrythatisbeingmistaken1ycomparedtothefirstbigwaveofdisruptiveinsurtechs.Wehavewitnessedasignificantmarketrationa1i

12、zation,inc1udingperiodsofnegativeinterestrates,whichhasnow1edtoarrectioninthetechmarkets.Thecurrentenvironmentismuchmorefavorab1eforinvestors,withva1uationsreturningtonorma11eve1sandsufficienttimeavai1ab1eforconductingDDs.Furthermore,wfthtechno1ogy-focusedprivateequityfundsho1dingover$300bi11ionindr

13、ypowder,weanticipatearesurgenceofu1tra-1iquidity.Thisinf1uxofcapita1wi11noton1yenhancemarketdynamicsbuta1soun1ockamu1titudeofadditiona1investmentopportunities.JavierSantisoCEO&Genera1PartneratMundiVenturesHoweversevera11eadingprivateinsurtechshavebeenab1etoconfirmorevenincreasetheirva1uationinrecent

14、months.Notab1eexamp1esof1eadinginsurtechmaintainingorincreasingtheirva1uationdespitemarketdownturnCompanySegmentPastva1uationMostrecentva1uationGrowthwefoxCha11enger$4.5BJu12023$4.5BMay20230%Cha11enger$1.1BOct2023$1.5BApr2023+36%c1earcoverCha11enger$1.0BApr2023$1.0BNov20230%IcifVCha11enger$1.0BMar2023$1.0BDec2023&Mar20230%bo1ctechEmbeddedinsurance$1.0BDec2023$1.6BMay2023+60%VE占TT1=IRisk-transfermarketp1ace$1.0BOct2023$1.75BMay2023*+75%Page/14Source:DeaIrOOm.coVesttooreported1yraising,no(yetOff1aa1tydisc1osedMAPFWE电NNI