New Fintech/Insurtech Galaxy 2021: results reveal that eHealth triggers innovation in finance after Covid-19

The crisis caused by Covid-19 has boosted the development of eHealth solutions covering a wide range of sectors, but, specially in the Fintech and Insurtech sectors.

Innovation for big companies and public institutions in a global scenario

The Galaxy report, that was born in 2020, has established itself as an innovation window with universal access that reflects Spanish innovation reality. With this report, Insomnia tries to facilitate the access to the market to entrepreneurs, thanks also to its particular acceleration path, synergies between the different ideas, professional advisory and fast market integration.

Together with this report, Insomnia has announced that in 2022 the greatest Fintech/Insurtech call in the world will be launched in an ecosystem integrated by more than 1.000 start-ups and scale-ups and more than 30 corporates from 20 different countries, all in a single search & acceleration program with a tech-basis.

More than 1.000 international start-ups, more than 50 interviews to emerging companies’ CEOs

All along 2021, Insomnia, partner in Infinitech H2020 project, has worked in the development of the Fintech/Insurtech Galaxy report, the biggest radar for financial and insurance start-ups in Spain. In 2021 edition, the main trends that had arisen due to Covid-19 crisis have been collected, together with the emerging trends that will lead future developments.
The main conclusions of this report show that eHealth has established itself as a cross-cutting technology in the Fintech and Insurtech sectors, spurred by the health crisis. In that sense, the Covid-19 has caused that the reinforcement of collaboration models in the insurance sector with start-ups and SMEs in order to develop HealthTech solutions to give a better-quality service to its customers. Thanks to that, the solutions accelerated by Insomnia in the last year have grown reaching a 20 % of the pilot projects.
And these solutions are not only found in specific health projects, but also in other companies, such as financial entities that are including that kind of solutions among its services portfolio for banks and self-employed. At the same time and thanks to the European funds, more B2B models have arisen for start-ups that give services to other companies. Focusing on Spain, it can be seen that Fintech and Insurtech sectors work together, and it means that B2B initiatives are growing among neobanks and new insurance products, representing a 17 % of the solutions given by the start-ups ecosystem.

And the keys for start-ups to grow?

Internationalisation. How? Easy, digitisation has no geographical limits and it has been reflected in a 60 % of the analysed solutions come from international start-ups. Where are these companies from? It has been seen that Israel and Singapore are two countries that have presented more and more PoC together with Spanish and Latin-American banks. Furthermore, the preferred technologies are AI and Blockchain.

Growth, investment and resilience. Start-ups have shown a reinforcement, agility and easiness in their change adaptation, rethinking their business models, products and services in order to answer new innovation needs. Furthermore, digitisation and innovation have experienced an extraordinary development during 2021 and it has reflected a positive impact both economically and socially.

However, start-ups and scale-ups are facing a new growth and internationalisation challenges in order to increase their investment and funding opportunities..

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logo europe This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 856632.
The content reflects only the authors’ views, and the European Commission is not responsible for any use that may be made of the information it contains.

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