Jobs in insurtech are increasing 22 times faster than the rest of the U.K. market, according to a report from Accenture. And Brexit isn’t going to slow things down.
The sector saw significant investment levels, says the report, hitting US$250 million in just the first six months of 2017. This was twice the level of investment in insurtech in the rest of the European Union.
Accenture predicts this level of growth is unlikely to be stalled by Brexit. The number of insurtech jobs grew by 22 percent per month over the course of 2017. This is way above the employment growth rate of just one percent for the whole U.K. economy, as reported by the analytics company Joblift.
Most In Demand Insurtech Roles
Accenture says the most in-demand roles in insurtech in the U.K. market are:
- web developers
- data analysts
- programmers
Interestingly, vacancies in traditional insurance have seen a decline, despite that seven out of every 10 insurance jobs is within the ‘traditional’ sector. Frankfurt, Europe’s other main insurance (and insurtech) hub, has seen similar patterns, according to Insurance Business magazine.
These patterns are a clear sign of how the insurance sector is changing as a result of insurtech startup disruption.
Nshish Nangla, senior director of insurtech and digital transformation at Synechron, says: “The latest technology trends will definitely change how the market works and how people interact with each other, as well as how things are presented in the market. There’s going to be a lot of change around customer engagement and how insurers communicate with their customers, and that might lead to disintermediation.”
