`Tis the season for predictions 2022, so IE has chosen some of the pithiest observations, and yes we did say pithy. Plus, a late flurry of deals in December rounds off a true bounce-back year for insurers and brokers alike. Let’s get into it.
START: PREDICTIONS IN CYBER, PARTNERSHIPS AND REGULATION
Let’s start with an obvious one, yet deadly accurate from CyberCube’s Pascal Millaire, who sees “alternative capital providing more capacity…to alleviate the catastrophic impact of cyber-related events”.
Now that’s some black swan prediction, but we say preparing for the worst is always better than hoping for the best. Cyber, especially denial of service is going to be a hot topic in 2022, so those insurance brands who can demonstrate true expertise will prosper as the online economy continues to outpace the offline one.
Meanwhile Rowan Bamford at Liberty GTS sees strong growth in M&A activity next year, especially in the ESG-compliant company sector. Rowan identifies the hot trend in corporate culture will be acquiring companies where there are no question marks over sustainability, social governance etc.
RUN: GENASYS BANGS THE IP DRUM
Andre Symes, Co-CEO at Genasys sees protecting your IP becoming more important next year. As he notes, it’s easy to build a very similar product to a rival in the world of insurance , so what is it that sets your offer apart? If you have some magic sauce, then protect that Intellectual Property, it could be worth a fortune.
GROW: DEALS A GO-GO
What a week it has been for deals. Davies Group snapped up companies like the hungry caterpillar in a polytunnel full of lettuce, with UK claims specialist BVS and Merlinos Associates over in the USA on the menu.
Pet brand Bought By Many bought VetBox, big hitter Zurich bought Alphachat, an AI-powered chat company in Estonia and Cover Genius pulled off a neat deal with Ryanair, which offers a kind of Build-A-Bear approach to travel insurance. So, book a flight, choose holiday extras and then choose from your insurance menu too.
Healthcare is going to be big in 2022, as companies realise that the way to retain staff is to offer wraparound, on-demand healthcare – especially rapid diagnosis. So handl’s acquisition of Robertson Cooper, a corporate specialist in wellbeing and employee support, isn’t the only bit of consolidation IE expects to see in the market over this winter.
Finally, Artesian:Duedil teamed up with TechLabs London this week and ACSO partnered up with Insurtech UK, which is one of those moves that seems perfect. When entrepreneurs are developing new insurance products, getting some words of experience from a claims association can only be a good thing.
Shall we end with a Christmas cracker joke? Alright then,
Why did Santa have his insurance claim rejected?
Too many elf ‘n’ safety breaches.
I’ll get my coat. See you in 2022.