Evolve DataBank recently released a comprehensive market study outlining projections for the global Insurtech industry. The study indicates that the market is poised for significant growth, potentially reaching USD 398.48 billion by 2035. This growth is largely attributed to advancements in artificial intelligence (AI) and the increasing adoption of embedded insurance solutions.
One of the standout features of the study is the reported compound annual growth rate (CAGR) of 34% to 70%. This impressive metric suggests a rapidly expanding landscape for both established insurance players and new entrants in the market.
In addition to AI-driven underwriting, the study emphasizes how embedded insurance is revolutionizing the way insurance is offered. Embedded insurance integrates coverage directly into the purchase of other products, making it more accessible to consumers. This trend is expected to attract a broader audience and streamline the customer experience.
Insurance providers, technology developers, and consumers are all likely to benefit from these trends. For companies, the shift means an opportunity to leverage AI for more accurate underwriting and risk assessment, ultimately improving profitability. Meanwhile, consumers should see greater convenience and more tailored insurance options.
As the Insurtech market evolves, the findings from Evolve DataBank's study shine a light on how technology is reshaping the insurance landscape. The projected growth underscores the potential for innovation in underwriting practices and consumer accessibility through embedded insurance options.
For those interested in a deeper dive into the report, you can access it for a fee of USD 99.
Original Source: https://www.openpr.com/news/4373273/global-insurtech-market-projected-to-reach-usd-398-48-billion