Insurtech represents technological innovation focused on the insurance industry. Typically, these tools are created to generate savings, efficiency, and convenience.
This market dives into concepts that large insurance companies are unmotivated to explore— like completely customizable policies, social insurance, and new streams of Internet-recorded data to price premiums according to observed behaviors.
This data can include input from devices like GPS trackers in vehicles or activity trackers that monitor physical fitness to create more nuanced risk categories, allowing for more competitive pricing.
Insurtech startups are also testing artificial intelligence (AI) to handle the tasks of brokers and to create the right balance of policies to encapsulate an individual’s coverage.
Insurtech makes it possible for insurance companies to utilize smart contracts, eliminating the need for paper documentation that can be bulky, environmentally taxing, and can be misplaced or damaged. This also reduces the potential of fraud, while making the process easier
for the customer.
Blockchain additionally prevents the duplication of transactions, eliminates third parties, and documents all transactions for public records.
The global Insurtech market was valued at $3.85 billion in 2021, is projected to climb 41% annually between 2019 and 2023, and is expected to grow at a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030. The Insurtech market growth is primed to skyrocket.
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