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Insurers are counting on real-time technology to help them cut back payouts, from a system warning ships of nearby pirates to an app offering to buy sleepy drivers a coffee on the motorway.In the rest of Europe, investment jumped to $134 million from $37 million and some insurers are also forming partnerships with insurtech firms.The Federation of German Consumer Organizations sees risks from big data in personal insurance outweighing benefits, fearing it will shift insurance from spreading risk collectively to being an arbiter of social norms.European regulators also worry about social exclusion and are checking whether data is being used in a way that makes insurance too expensive for those seen as a higher risk.The largest U.K. investment this year was in the domestically focused insurer Gryphon, which is awaiting regulatory approval to offer tailored life, critical illness and income protection insurance via financial advisers using cloud-based technology.AXA also has a strategic fund investing in insurtech startups and investments by Allianz's 430 million euro ($513 million) fund include U.S. firm Lemonade, a digital peer-to-peer insurer that uses artificial intelligence and behavioral economics.
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