2025年第三季度全球保险科技报告：商业保险领域AI应用

The role of AI in the four largestinsurance businesslinesQ3 — Commercial Insurance This report is a collaborationbetween Gallagher Re,Gallagher and CB Insights. Contents I N S I D ET H I S E D I T I O N . . . 32.InsurTechCase Studies 26. 4. IntroductionQ3 InsurTech investmentdata highlightsand forewordDr. Andrew JohnstonGallagher Re InsurTechTeam Corner •Boost Insurance•Bowhead Specialty•Redkik•Gallagher Bassett Freddie ScarrattGallagher Re 42. 52. 46. Thought LeadershipAlex Cardona, Recorder The Future of AIin Large CommercialAEGIS London Deals ofthe Quarter •Hiscox's acquisitionof Corix•Applied Systems'acquisition of Cytora 62. 56. 66. Investor CornerLaviva Mazhar, Luge Capital The Role ofAI in SuretyUnderwritingInRev This quarter’sdata highlights Introduction Q3 InsurTech investmentdata highlights and foreword DR. ANDREW JOHNSTONGlobal Head of InsurTech, Gallagher Re, Global InsurTech Report Editor One of the principal benefits of tracking InsurTech funding data for as longas we have is that we can see through the quarterly volatility in capitalraising and draw attention to longer-term trends. Currently, we are seeinga new pattern emerging that has been almost three years in the making. There are certainly factors in its favor, such as an ongoing(comparative) lack of mega-round funding and the closenessof individual deal totals to the mean average deal, which wassomething we explored in last year’s report series. There is alsoa general pivot among InsurTechs toward business models thatenhance and enable incumbents, and away from competing withthem directly for customers (an incredibly cash-intensive business).This also suggests potential longevity in the trend. Overall quarterly funding into InsurTech has been coming in ataround the USD1.1B mark for 11 consecutive quarters. In fact, overthe past three years, seven of the 11 quarters have recorded afunding total within a 20% swing of this mean average (USD1.1B).Ten of the 11 quarters have recorded a funding total within a 30%swing of the mean average. We consider three years an appropriate minimum period todeclare a trend, and it will be fascinating to see whether andhow long it holds going forward. The charts above show just how differently each quarter playedout. The lowest amount raised during one quarter (USD912M) was34% of the average, while the highest amount (USD5,296M) wasnearly double the mean average. The two graphs below compare their role in InsurTech funding tothat of (re)insurers, tallying both amounts invested and deal countsince 2012. The first thing to note is the sheer volume invested by both groups.Since our records began 13 years ago, (re)insurers have investedUSD15.3B into InsurTech companies over a total of 663 deals.This represents 25.1% of all funding into InsurTechs and 17.8% ofall deals. But even more striking is the activity accounted for bySilicon Valley, with 55.9% of all capital invested into InsurTechscoming from this community and 32.6% of all deals done. This isan enormous quantity of financing in itself, but it also suggeststhat on average, the typical Silicon Valley deal has been a larger(more expensive) funding round. Investor strategy has shifted away from massive, high-risk betson a few companies to a more balanced approach. While thehuge "winner-take-all" funding rounds are less common, theunderlying market is still very active, as shown by strong deal flowand early-stage funding volatility. This signals that while the appetitefor pure venture risk is alive and well, funding for growth-stagecompanies is maturing and becoming more selective. We cannot analyze investment trends without also looking at thosewriting the checks. We noted in our Q2 report that Silicon ValleyVCs were starting to return to the InsurTech well. Introduction Looking at more recent figures, one trend from Q2 did catchour attention. While that quarter's investment total was lowerthan Q1 overall, it was dominated by funding for life & health(L&H) InsurTechs, which out-raised their property & casualty(P&C)-focused counterparts for the first time in nearly four years.This surge was driven by fundraising deals for startups focusedon Individual Coverage Health Reimbursement Arrangements(ICHRAs), a type of health plan under which employers reimburseworkers for health insurance they have purchased on their own.In fact, ICHRA startups captured nearly 20% of InsurTech fundingduring the quarter. Of note, Gravie secured USD144M and Thatchraised USD40M. Comparing the history of activity of the two groups, it is alsonotable how it has converged in recent years. At the top of themarket peak in 2020/2021, it was not surprising to see largedifferences in investment activity between Silicon Valley VCs and(re)insurers. The venture community was prepared to place largeand sometimes speculative bets, while the (re)insurance industrywas more cautious and focused on business priorities. However, inthe years since, the contrast bet