Digital insurance is one of the areas in which ventures from SEE have a clear positioning when it comes to the value that can be created in the region. Two of the world’s fastest-growing companies providing software for insurance process automation were founded in Romania and Bulgaria. In 2020, UiPath reached a valuation of $10.2B while Hyperscience raised $140m in less than six months. There are also new local challengers like Boleron, a digital insurance broker that by using automation saves time for users and brings new business opportunities for insurers.
In this section, we’ll exlpore why and how’s the conservative insurance industry changing, what are the benefits of digitalization for both end users and insurance companies, and who’s doing what in the InsurTech space in Southeast Europe and beyond.