LONDON : Global investment in insurance technology firms totalled $2.41 billion in the second quarter, down 50 per cent from a year earlier, as investors grew nervous about frothy valuations, broker Gallagher Re said in a report on Thursday.
But some firms have found it tough to compete with established players and have suffered from the broad sell-off in tech stocks.One issue is that blockchain - a database shared across computers in which records are difficult to change - feted a few years ago as a way for insurers to cut costs and become more efficient, had not lived up to its expectations.
"Insurance is highly negotiated, highly flexible and ongoing. Blockchain also happens to be extremely expensive.”
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