Maybe, but the broader geopolitical environment also has a role to play. Regardless of funding and ambition levels, the simple fact is that London-based insurtech companies will have to find customer markets beyond the UK in order to hit scale.
The LLoyds model is an aggregation of smaller underwriters that pool exposure. They had one of the first “network effects” business models. Technology in theory makes it easier to digitize that business model so it can be as global as Lloyds, but the challenge is in finding partners with comparable and credible underwriting standards and practices. It becomes even more challenging if UK-based insurers will face barriers to entry in underwriting insurance in the EU after Brexit.
Bottom line: I’m not yet convinced the issue is lack of VC engagement and lack of ambition. There are some structural issues here despite the availability of innovative tech and new data sets.