57% of Canadian companies expecting revenue growth in 2018, says Deloitte
According to a new report from Deloitte, 57% of private sector executives in Canada are expecting their revenues to increase over the course of the next 12 months.
The report, Global perspectives for private companies, conducted a survey with 1,882 executives from mid-size companies during August and September 2017, with 100 of these being at Canadian companies.
The survey reflected a generally strong level of confidence throughout private sector businesses, with a further 90% stating that they held a positive outlook for the performance of their firms over the coming 24 months.
“The positive outlook on revenue growth and profitability is driving confidence in the market growth globally,” said Mike Runia, National Managing Partner, Deloitte Private. “In addition to that, rapid globalization and technology platforms that are available today are enabling businesses to reach consumer bases that were not possible in the past.”
Deloitte found that 68% of the respondents see emerging technology as a positive disruptor, with 56% of firms already using the likes of cloud computing and data analytics to increase the efficiency of their operations.
“Emerging technologies such as data analytics and cloud infrastructure can also provide access to real time information that helps inform better decision-making,” said Peter Brown, Senior Practice Partner, Deloitte Canada. “Technology can accelerate business in sourcing talent, learning and reaching new clients across global markets.”
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.