Insurance Companies Entering the Fintech Space

By  Irene Tordera, 
The last one to announce its intention of investing €1.25 billion in the fintech sector is the third largest European insurance company, the Italian Generali. The investment is part of a bigger plan of reducing the company’s costs of operations by €500 million over the next three years. However Generali is not the first insurance company moving steps into fintech and online investing. A few other large corporations in the field created investment funds and partnerships within the fintech sector. For example, AXA last year set up a €200 million fund to support  innovations in the financial sector.

Document of Insurance Policy, Life; Health, car, travel,  for background
Investing in financial innovation is a trend that started to be more and more common among big insurance companies during the last year and some experts think that it is becoming necessary in order to stay on par with peers.  For the first time in several years, the insurance companies, composed by many very well established players, is seeing the opportunity  (or the necessity?) to invest in innovation in order to better operate in the new digital era.

On the other hand the fintech and online investing markets keep growing at an increadibly fast speed and the latest projections say that in the US alone the digital investing will probably surpass venture capital funding by 2016, if its value keeps doubling every year.

References
Barnett, C. (2015). Trends Show Crowdfunding To Surpass VC In 2016. Forbes
Suberg, W. (2015).  Italian Insurance Giant Will Invest €1.25bn in FinTech Startups. Cointelegraph


Immagine

About the author – Irene TorderaBorn and raised in Milan, Italy, Irene is an International Business graduate, with a strong interest for innovative ideas that can simplify our lives.
During her studies, she co-founded an online community for sportspeople and worked in marketing positions at Ogilvy & Mather Advertising and at the European Business Angel Network, in Brussels. She is a passionate blogger about crowdfunding and the startup ecosystem.

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