PwC has announced the latest eight firms to have completed its 2019 Scale InsurTech programme, which focused on the UK insurance market. The insurance market offers some of the largest opportunities, with the potential for some £50bn of revenue to be created. Insurtech firms are looking to capitalise on this by providing innovative ‘plug and play’ solutions to incumbents, therefore creating more tech enabled and responsive solutions.

Among them, Artesian Risk & Compliance Hub is a service that lets companies automate risk assessment more accurately and faster through the use of structured and unstructured data sources to allow automation of underwriting policy.

Artificial, meanwhile, helps insurers, brokers and MGAs with the distribution, pricing and negotiation of risk. From the digitising of processes to the application of machine learning, their platform is structured around four core products: build, distribute, price and manage.

And REG addresses issues around legal, regulatory and statutory counterparty risk processes by automating the management of oversight, due diligence and compliance assessments backed by 24/7 support.

PwC’s 2019 CEO Survey found that more than 80% of insurance CEOs said that AI was already a part of their business model, or would be within the next three years. That being said, more than 80% of insurance CEOs are concerned about the impact of skills shortages on their growth prospects.

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