The rising demand for insurance technology solutions
The insurtech boom was nothing short of extraordinary. By 2024, the global insurtech market was set to hit £60 billion, growing at a remarkable rate of 23.4% annually (COINLAW). AI-driven innovation, streamlined customer experiences, and new ways of thinking promised to transform insurance into something faster, better, and more accessible. It was exciting – who wouldn’t want to be part of that?!
But, as with most booms and Technology Hype Cycles, there was a catch. With huge funding came even bigger expectations. Investors poured money into the sector, including a massive £75 billion globally across 4,500 deals in the second quarter of 2024 alone (BAIN & COMPANY). And when you’re dealing with valuations that make headlines, the pressure to deliver returns quickly becomes immense.
Suddenly, “growth at all costs” became the industry’s unofficial motto. The focus wasn’t on building meaningful, customer-first insurance technology solutions, but on expanding into new markets, launching flashy features, and showing off the kind of numbers investors love. In fact, in the same quarter, £1 billion flowed into AI-focused insurance technology companies alone, reflecting the industry’s fixation on innovation that sounded impressive (REUTERS).
The problem? Customers were often left behind in this race. Instead of thoughtful, tailored insurance technology solutions, businesses prioritised quick wins, one-size-fits-all features, rushed implementations, limited depth in capability and minimal support. These are strategies that look great on a quarterly earnings report but rarely deliver the deep value customers expect. And when customers feel like an afterthought, the cracks in the foundation begin to show.
A Better Way Forward
The pressure to grow fast often forces companies to make tough choices, and all too often, customers lose out. Instead of creating thoughtful, tailored solutions, businesses rush to deliver quick wins that satisfy investor demands but don’t serve clients in the long term. Our focus has always been “How can we change the World!” but most importantly for the end customer.
This is a trade-off we’ve worked hard to avoid. For us, the focus has always been on getting it right rather than getting it fast. A thorough discovery process, for example, allows us to understand exactly what our customers need before jumping into delivery. While this takes more time upfront, it ensures solutions that truly fit and builds the trust that forms the backbone of lasting partnerships. This approach further includes Best Practice and rather understanding the delta our customers need however still driving the key objective.
It’s not just about delivering the right tools, though. Accompanying insurance technology solutions with support and flexibility are just as critical. These aren’t flashy elements, but they’re the foundations of sustainable success. A system that adapts to your needs and a team that’s there when you need them. That’s what creates loyalty and long-term growth. And the numbers agree: improving customer retention by even 5% can increase profits by as much as 95% (Harvard Business Review).
By focusing on these fundamentals, we’ve managed to avoid the pitfalls of short-term thinking. It’s not the fastest path to growth, but it’s one we believe in because it delivers real value – and that’s something worth taking the time to get right.
The Investor vs. Customer Dilemma
There’s a fundamental tension in the insurtech industry between what customers need and what investors demand. Customers want features that solve real problems – robust integrations, automation, advanced reporting, and reliable support. Investors, on the other hand, favour eye-catching features and expansions that drive valuation optics.
This creates a disconnect. Resources are often funnelled into investor-pleasing features that might look great in a demo but don’t deliver the everyday value clients need. It’s a frustrating experience for businesses that just want solutions they can trust.
We’ve avoided this dilemma entirely. By focusing solely on the needs of our customers (Change the World), we’ve been able to align our goals with theirs. For example, instead of flashy trends, we invest in practical, adaptable workflows that evolve alongside our clients. That’s the kind of innovation that solves problems, not just for today but for the long term.
