Global insurers have been rocked by large, unexpected payouts and falling revenues amid the coronavirus pandemic. Yet, P&C and life insurers in leading markets will still increase their tech spend and accelerate their digital transformations in the next several years to enhance the online user experience.

Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.

Meanwhile, ONE was launched in 2018 and is the group's customer-facing business: It has 500,000 active policies and 350,000 customers, and provides household, auto, and liability insurance. The raise will support wefox’s ongoing growth by bolstering its tech developments.

Flock, a startup that offers on-demand drone insurance, meanwhile, has embedded its service into nonfinancial companies’ platforms, including air patrol company HeroTech 8 and drone manufacturer Microdrones. POS insurance. One example in this category is US-based insurtech Salty, which partners with car dealerships to bake its insurance product into car sales transactions.

A company called Car IQ has a product that enables enterprises to preload payment information in fleet vehicles, which would automatically reserve and securely pay for parking or renew auto insurance. While this service doesn’t require 5G, it will become more capable with it.