P2P insurtechs need support of big players to thrive
The plight of Guevara, which closed down last month, has shown that insurtech start-ups need the support of established players in order to survive. UK firm Guevara focused on motor insurance rather than the lower premium areas favoured by other insurtechs, and never achieved enough support within the industry. Guevara had difficulty fully capitalising its underwriting activities and also was perceived to struggle to gain the trust of customers who preferred to go to bigger, more established brands for cover. Gadgets and niche personal lines have been more fruitful areas for insurtech start-ups, where payouts tend to be lower, as has health insurance.

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